Handelsbanken Fonder AB Reduces Stock Holdings in Bentley Systems, Incorporated $BSY

Handelsbanken Fonder AB lowered its stake in Bentley Systems, Incorporated (NASDAQ:BSY) by 37.0% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 441,900 shares of the company’s stock after selling 260,000 shares during the quarter. Handelsbanken Fonder AB’s holdings in Bentley Systems were worth $16,865,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Shell Asset Management Co. lifted its position in Bentley Systems by 4.8% in the third quarter. Shell Asset Management Co. now owns 5,421 shares of the company’s stock valued at $279,000 after buying an additional 246 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in Bentley Systems by 2.3% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 11,203 shares of the company’s stock valued at $589,000 after buying an additional 247 shares during the last quarter. BLB&B Advisors LLC lifted its position in Bentley Systems by 0.5% in the third quarter. BLB&B Advisors LLC now owns 52,361 shares of the company’s stock valued at $2,696,000 after buying an additional 261 shares during the last quarter. Lansforsakringar Fondforvaltning AB publ lifted its position in Bentley Systems by 0.6% in the third quarter. Lansforsakringar Fondforvaltning AB publ now owns 49,722 shares of the company’s stock valued at $2,560,000 after buying an additional 275 shares during the last quarter. Finally, Cresset Asset Management LLC lifted its position in Bentley Systems by 6.5% in the third quarter. Cresset Asset Management LLC now owns 4,882 shares of the company’s stock valued at $251,000 after buying an additional 296 shares during the last quarter. Institutional investors and hedge funds own 44.16% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on BSY shares. Rosenblatt Securities decreased their target price on shares of Bentley Systems from $58.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, February 24th. Bank of America started coverage on shares of Bentley Systems in a research report on Tuesday, May 12th. They issued a “buy” rating and a $40.00 target price on the stock. Mizuho decreased their target price on shares of Bentley Systems from $50.00 to $45.00 and set an “outperform” rating on the stock in a research report on Friday, May 8th. Oppenheimer decreased their target price on shares of Bentley Systems from $53.00 to $43.00 and set an “outperform” rating on the stock in a research report on Friday, February 27th. Finally, Piper Sandler raised shares of Bentley Systems from a “neutral” rating to an “overweight” rating and upped their target price for the company from $42.00 to $45.00 in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.69.

Bentley Systems Stock Up 1.0%

Shares of BSY opened at $33.34 on Thursday. The stock has a market capitalization of $9.74 billion, a PE ratio of 37.89, a P/E/G ratio of 2.07 and a beta of 1.01. Bentley Systems, Incorporated has a 1 year low of $30.52 and a 1 year 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’s 50-day simple moving average is $34.61 and its 200-day simple moving average is $37.64.

Bentley Systems (NASDAQ:BSY) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02. The business had revenue of $424.18 million for the quarter, compared to analysts’ expectations of $419.80 million. Bentley Systems had a net margin of 18.12% and a return on equity of 28.65%. The business’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.35 earnings per share. Analysts forecast that Bentley Systems, Incorporated will post 1.23 earnings per share for the current fiscal year.

Bentley Systems Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Stockholders of record on Tuesday, March 10th were given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Tuesday, March 10th. Bentley Systems’s dividend payout ratio is currently 31.82%.

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.