Vident Advisory LLC Acquires 16,035 Shares of Bentley Systems, Incorporated $BSY

Key Points

• Vident Advisory LLC increased its holdings in Bentley Systems by 156.7%, owning 26,270 shares worth approximately $1.03 million following the purchase of 16,035 additional shares.
• Bentley Systems reported earnings of $0.32 per share, surpassing analysts' expectations by $0.03, with revenue of $364.11 million for the quarter, reflecting a 10.2% year-over-year increase.
• Various institutional investors have shown significant interest in Bentley Systems, with 44.16% of the stock now owned by hedge funds and other institutional entities.

Vident Advisory LLC raised its position in Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) by 156.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,270 shares of the company's stock after purchasing an additional 16,035 shares during the period. Vident Advisory LLC's holdings in Bentley Systems were worth $1,033,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Bessemer Group Inc. boosted its position in Bentley Systems by 8,187,760.9% during the first quarter. Bessemer Group Inc. now owns 1,883,208 shares of the company's stock worth $74,086,000 after purchasing an additional 1,883,185 shares during the period. Vanguard Group Inc. boosted its stake in shares of Bentley Systems by 5.3% in the 1st quarter. Vanguard Group Inc. now owns 17,999,856 shares of the company's stock valued at $708,114,000 after purchasing an additional 898,115 shares in the last quarter. Federated Hermes Inc. bought a new stake in Bentley Systems during the first quarter valued at $15,960,000. Sone Capital Management LLC bought a new stake in shares of Bentley Systems during the fourth quarter worth about $17,884,000. Finally, SG Americas Securities LLC raised its position in Bentley Systems by 449.7% in the first quarter. SG Americas Securities LLC now owns 384,291 shares of the company's stock worth $15,118,000 after acquiring an additional 314,387 shares during the period. Institutional investors own 44.16% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on BSY. Piper Sandler increased their target price on Bentley Systems from $57.00 to $63.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Oppenheimer boosted their target price on Bentley Systems from $59.00 to $65.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Rosenblatt Securities cut shares of Bentley Systems from a "buy" rating to a "neutral" rating and upped their price objective for the stock from $53.00 to $58.00 in a research report on Thursday, August 7th. Robert W. Baird set a $64.00 price target on Bentley Systems and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. Finally, KeyCorp upped their price objective on Bentley Systems from $56.00 to $59.00 and gave the company an "overweight" rating in a research note on Monday, July 7th. Six research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $56.60.

Insider Buying and Selling at Bentley Systems

In related news, Director Keith A. Bentley sold 150,000 shares of the stock in a transaction on Monday, July 7th. The stock was sold at an average price of $55.54, for a total value of $8,331,000.00. Following the completion of the transaction, the director directly owned 3,859,327 shares of the company's stock, valued at approximately $214,347,021.58. This represents a 3.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Raymond B. Bentley sold 355,103 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $49.96, for a total transaction of $17,740,945.88. Following the completion of the sale, the director directly owned 15,992,321 shares in the company, valued at approximately $798,976,357.16. This trade represents a 2.17% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,189,869 shares of company stock worth $60,880,388. 20.56% of the stock is owned by corporate insiders.

Bentley Systems Price Performance

Shares of NASDAQ BSY traded up $0.37 during mid-day trading on Monday, hitting $54.17. 778,294 shares of the stock traded hands, compared to its average volume of 1,551,591. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.51 and a quick ratio of 0.51. The firm has a 50 day simple moving average of $55.55 and a two-hundred day simple moving average of $48.68. The company has a market cap of $15.82 billion, a PE ratio of 68.58, a price-to-earnings-growth ratio of 4.34 and a beta of 1.09. Bentley Systems, Incorporated has a twelve month low of $36.51 and a twelve month high of $59.25.

Bentley Systems (NASDAQ:BSY - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.03. Bentley Systems had a return on equity of 28.41% and a net margin of 17.91%.The company had revenue of $364.11 million for the quarter, compared to analysts' expectations of $363.51 million. During the same period last year, the firm earned $0.31 earnings per share. Bentley Systems's quarterly revenue was up 10.2% on a year-over-year basis. As a group, equities research analysts forecast that Bentley Systems, Incorporated will post 0.88 EPS for the current fiscal year.

Bentley Systems Company Profile

Bentley Systems, Incorporated, together with its subsidiaries, provides infrastructure engineering software solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company offers open modeling engineering applications, such as MicroStation, OpenBridge, OpenBuildings, OpenCities, OpenComms, OpenFlows, OpenPlant, OpenRail, OpenRoads, OpenSite, OpenTower, OpenTunnel, OpenUtilities, and OpenWindowPower; and open simulation engineering applications, including ADINA, AutoPIPE, CUBE, DYNAMEQ, EMME, LEGION, Power Line Systems, RAM, SACS, SPIDA, and STAAD; and geoprofessional applications for modeling and simulation of near and deep subsurface conditions, including AGS, Central, GeoStudio, Imago, Leapfrog, MX Deposit, Oasis montaj, OpenGround, and PLAXIS.