Handelsbanken Fonder AB Cuts Stock Position in Bentley Systems, Incorporated $BSY

Handelsbanken Fonder AB lessened its stake in Bentley Systems, Incorporated (NASDAQ:BSY) by 37.0% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 441,900 shares of the company’s stock after selling 260,000 shares during the quarter. Handelsbanken Fonder AB owned approximately 0.15% of Bentley Systems worth $16,865,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. AGF Management Ltd. increased its holdings in Bentley Systems by 64.2% in the 3rd quarter. AGF Management Ltd. now owns 180,633 shares of the company’s stock worth $9,299,000 after acquiring an additional 70,650 shares in the last quarter. Rakuten Investment Management Inc. purchased a new stake in Bentley Systems in the 3rd quarter worth $4,305,000. Baillie Gifford & Co. increased its holdings in Bentley Systems by 54,633.0% in the 4th quarter. Baillie Gifford & Co. now owns 298,295 shares of the company’s stock worth $11,384,000 after acquiring an additional 297,750 shares in the last quarter. Bessemer Group Inc. grew its holdings in shares of Bentley Systems by 27.4% during the third quarter. Bessemer Group Inc. now owns 2,486,139 shares of the company’s stock worth $127,986,000 after buying an additional 534,776 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Bentley Systems by 5.7% during the third quarter. Envestnet Asset Management Inc. now owns 954,867 shares of the company’s stock worth $49,157,000 after buying an additional 51,883 shares in the last quarter. Hedge funds and other institutional investors own 44.16% of the company’s stock.

Bentley Systems Trading Up 1.0%

Shares of BSY opened at $33.34 on Thursday. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.91. Bentley Systems, Incorporated has a 12-month low of $30.52 and a 12-month high of $59.25. The firm has a 50-day moving average price of $34.61 and a 200 day moving average price of $37.64. The firm has a market capitalization of $9.74 billion, a P/E ratio of 37.89, a P/E/G ratio of 2.07 and a beta of 1.01.

Bentley Systems (NASDAQ:BSY) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Bentley Systems had a net margin of 18.12% and a return on equity of 28.65%. The firm had revenue of $424.18 million during the quarter, compared to analyst estimates of $419.80 million. During the same quarter in the prior year, the firm posted $0.35 earnings per share. Bentley Systems’s quarterly revenue was up 14.5% on a year-over-year basis. Sell-side analysts forecast that Bentley Systems, Incorporated will post 1.23 EPS for the current year.

Bentley Systems Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 19th. Investors of record on Tuesday, March 10th were issued a $0.07 dividend. The ex-dividend date of this dividend was Tuesday, March 10th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.8%. Bentley Systems’s dividend payout ratio is currently 31.82%.

Wall Street Analyst Weigh In

BSY has been the subject of a number of research reports. UBS Group dropped their target price on shares of Bentley Systems from $43.00 to $40.00 and set a “neutral” rating for the company in a report on Monday, May 4th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Bentley Systems in a report on Monday, March 2nd. Rosenblatt Securities dropped their target price on shares of Bentley Systems from $58.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, February 24th. Mizuho dropped their target price on shares of Bentley Systems from $50.00 to $45.00 and set an “outperform” rating for the company in a report on Friday, May 8th. Finally, Piper Sandler raised shares of Bentley Systems from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $42.00 to $45.00 in a report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $47.69.

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.