SummitTX Capital L.P. Acquires 44,774 Shares of Bentley Systems, Incorporated $BSY

SummitTX Capital L.P. raised its holdings in Bentley Systems, Incorporated (NASDAQ:BSY) by 74.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 104,520 shares of the company’s stock after buying an additional 44,774 shares during the period. SummitTX Capital L.P.’s holdings in Bentley Systems were worth $3,671,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BSY. Lombard Odier Asset Management Switzerland SA acquired a new position in shares of Bentley Systems during the 1st quarter worth about $292,000. Renaissance Technologies LLC grew its holdings in shares of Bentley Systems by 124.6% in the 1st quarter. Renaissance Technologies LLC now owns 487,100 shares of the company’s stock valued at $17,107,000 after acquiring an additional 270,200 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Bentley Systems by 253.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 4,781,449 shares of the company’s stock valued at $167,924,000 after acquiring an additional 3,429,087 shares during the last quarter. Lido Advisors LLC acquired a new stake in shares of Bentley Systems in the first quarter valued at about $403,000. Finally, Alesco Advisors LLC An ESL Co bought a new stake in Bentley Systems during the first quarter worth about $472,000. 44.16% of the stock is currently owned by institutional investors and hedge funds.

Bentley Systems Trading Up 7.4%

Shares of NASDAQ:BSY opened at $33.71 on Tuesday. Bentley Systems, Incorporated has a 52-week low of $28.08 and a 52-week high of $59.25. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.51 and a current ratio of 0.51. The company has a market capitalization of $9.85 billion, a P/E ratio of 38.31, a price-to-earnings-growth ratio of 2.02 and a beta of 1.00. The company has a 50-day simple moving average of $31.61 and a 200 day simple moving average of $34.15.

Bentley Systems (NASDAQ:BSY) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The firm had revenue of $424.18 million for the quarter, compared to the consensus estimate of $419.80 million. Bentley Systems had a return on equity of 28.65% and a net margin of 18.12%.The business’s revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.35 earnings per share. Sell-side analysts forecast that Bentley Systems, Incorporated will post 1.2 earnings per share for the current year.

Bentley Systems Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Tuesday, June 2nd were issued a dividend of $0.07 per share. The ex-dividend date of this dividend was Tuesday, June 2nd. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.8%. Bentley Systems’s payout ratio is presently 31.82%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Bank of America initiated coverage on Bentley Systems in a research report on Tuesday, May 12th. They set a “buy” rating and a $40.00 price target for the company. Piper Sandler raised Bentley Systems from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $42.00 to $45.00 in a research report on Friday, May 8th. Weiss Ratings cut Bentley Systems from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, July 16th. UBS Group cut their price objective on Bentley Systems from $43.00 to $40.00 and set a “neutral” rating for the company in a report on Monday, May 4th. Finally, Zacks Research cut shares of Bentley Systems from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 21st. Nine investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Bentley Systems has a consensus rating of “Hold” and a consensus target price 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.