Wellington Management Group LLP Takes Position in Bentley Systems, Incorporated $BSY

Key Points

• Wellington Management Group initiated a Bentley Systems position by purchasing 233,354 shares worth approximately $6.98 million, representing about 0.08% of the company. Institutional investors collectively own 44.16% of BSY.
• Bentley Systems reported quarterly EPS of $0.35, beating estimates by $0.03, while revenue rose 12.8% year over year to $410.73 million, slightly below analyst expectations.
• Shares recently traded at $32.84, down 2.6%, but analysts remain optimistic: BSY carries a “Moderate Buy” consensus rating and a $45 average price target.

Wellington Management Group LLP bought a new stake in Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 233,354 shares of the company's stock, valued at approximately $6,975,000. Wellington Management Group LLP owned about 0.08% of Bentley Systems as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Los Angeles Capital Management LLC bought a new position in shares of Bentley Systems during the 4th quarter worth approximately $25,000. Geneos Wealth Management Inc. lifted its holdings in Bentley Systems by 1,529.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 668 shares of the company's stock valued at $26,000 after purchasing an additional 627 shares during the last quarter. Physician Wealth Advisors Inc. lifted its holdings in Bentley Systems by 80.2% during the 1st quarter. Physician Wealth Advisors Inc. now owns 791 shares of the company's stock valued at $28,000 after purchasing an additional 352 shares during the last quarter. CX Institutional boosted its position in Bentley Systems by 898.9% during the second quarter. CX Institutional now owns 939 shares of the company's stock worth $28,000 after purchasing an additional 845 shares during the period. Finally, Harbor Investment Advisory LLC bought a new position in Bentley Systems during the second quarter worth $30,000. Institutional investors own 44.16% of the company's stock.

Bentley Systems Trading Down 2.6%

Shares of Bentley Systems stock opened at $32.84 on Wednesday. The firm has a 50-day moving average of $34.30 and a 200-day moving average of $34.01. The stock has a market cap of $9.54 billion, a PE ratio of 36.09, a PEG ratio of 2.13 and a beta of 0.98. Bentley Systems, Incorporated has a 52-week low of $28.08 and a 52-week high of $57.25. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.59 and a current ratio of 0.59.

Bentley Systems (NASDAQ:BSY - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.32 by $0.03. Bentley Systems had a net margin of 18.10% and a return on equity of 28.43%. The business had revenue of $410.73 million for the quarter, compared to analyst estimates of $412.12 million. During the same period last year, the firm earned $0.32 earnings per share. Bentley Systems's revenue for the quarter was up 12.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Bentley Systems, Incorporated will post 1.19 EPS for the current year.

Wall Street Analysts Forecast Growth

BSY has been the topic of several research analyst reports. Rosenblatt Securities reissued a "buy" rating and issued a $50.00 price objective on shares of Bentley Systems in a research report on Monday, August 10th. Piper Sandler reaffirmed an "overweight" rating and set a $45.00 target price on shares of Bentley Systems in a report on Friday, August 7th. BNP Paribas Exane initiated coverage on shares of Bentley Systems in a research note on Thursday, June 18th. They issued an "outperform" rating and a $40.00 price target on the stock. Weiss Ratings raised shares of Bentley Systems from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, August 27th. Finally, BMO Capital Markets raised their price objective on shares of Bentley Systems from $41.00 to $43.00 and gave the stock an "outperform" rating in a research report on Friday, August 7th. Nine analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, Bentley Systems presently has an average rating of "Moderate Buy" and a consensus price target of $45.00.

Bentley Systems Profile

Bentley Systems, Inc is a global software provider specializing in infrastructure engineering applications for the design, construction, and operations of roads, bridges, rail and transit systems, water and wastewater networks, power plants and grids, industrial facilities, and communications infrastructure. Founded in 1984 by brothers Keith and Barry Bentley, the company is headquartered in Exton, Pennsylvania, and maintains offices and development centers across North America, Europe, Asia, and Australia.

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