Whetstone Capital Advisors LLC Purchases New Position in Bentley Systems, Incorporated $BSY

Key Points

• Whetstone Capital Advisors acquired 98,200 Bentley Systems shares worth approximately $2.94 million, making BSY a 0.8% portfolio holding. Institutional investors collectively own 44.16% of the company.
• Analyst sentiment remains positive, with nine Buy ratings and five Holds producing a consensus “Moderate Buy” rating and an average price target of $45.00.
• Bentley Systems exceeded quarterly earnings expectations with EPS of $0.35 versus $0.32 projected, while revenue rose 12.8% year over year to $410.73 million. Shares recently opened at $32.01, well below their 12-month high of $57.25.

Whetstone Capital Advisors LLC acquired a new position in Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 98,200 shares of the company's stock, valued at approximately $2,935,000. Bentley Systems comprises 0.8% of Whetstone Capital Advisors LLC's portfolio, making the stock its 25th largest position.

Other institutional investors have also added to or reduced their stakes in the company. Swedbank AB raised its stake in shares of Bentley Systems by 4.8% in the first quarter. Swedbank AB now owns 9,000,000 shares of the company's stock worth $316,080,000 after purchasing an additional 410,799 shares during the last quarter. California State Teachers Retirement System boosted its position in shares of Bentley Systems by 2,805.5% during the second quarter. California State Teachers Retirement System now owns 5,523,672 shares of the company's stock valued at $165,103,000 after buying an additional 5,333,560 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Bentley Systems by 253.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,781,449 shares of the company's stock worth $167,924,000 after buying an additional 3,429,087 shares in the last quarter. Pictet Asset Management Holding SA increased its holdings in Bentley Systems by 150.9% in the 1st quarter. Pictet Asset Management Holding SA now owns 4,661,346 shares of the company's stock worth $163,703,000 after buying an additional 2,803,241 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Bentley Systems by 6.6% in the 4th quarter. Geode Capital Management LLC now owns 3,468,512 shares of the company's stock worth $132,060,000 after buying an additional 216,257 shares during the last quarter. 44.16% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on BSY shares. Barclays dropped their price target on shares of Bentley Systems from $49.00 to $40.00 and set an "equal weight" rating on the stock in a report on Friday, May 29th. BMO Capital Markets increased their price objective on shares of Bentley Systems from $41.00 to $43.00 and gave the company an "outperform" rating in a research report on Friday, August 7th. Piper Sandler restated an "overweight" rating and issued a $45.00 target price on shares of Bentley Systems in a report on Friday, August 7th. BNP Paribas Exane assumed coverage on shares of Bentley Systems in a research report on Thursday, June 18th. They issued an "outperform" rating and a $40.00 target price for the company. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $50.00 target price on shares of Bentley Systems in a research note on Monday, August 10th. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $45.00.

Bentley Systems Stock Performance

Shares of NASDAQ BSY opened at $32.01 on Thursday. The firm has a 50 day moving average of $34.31 and a 200 day moving average of $33.99. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.01. The firm has a market capitalization of $9.30 billion, a price-to-earnings ratio of 35.18, a price-to-earnings-growth ratio of 2.07 and a beta of 0.98. Bentley Systems, Incorporated has a 12-month low of $28.08 and a 12-month high of $57.25.

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

About Bentley Systems

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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