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

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

Other hedge funds have also recently bought and sold shares of the company. Swedbank AB grew its position 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 valued at $316,080,000 after purchasing an additional 410,799 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Bentley Systems by 253.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 4,781,449 shares of the company’s stock worth $167,924,000 after purchasing an additional 3,429,087 shares during the period. Pictet Asset Management Holding SA lifted its holdings in Bentley Systems by 150.9% during the 1st quarter. Pictet Asset Management Holding SA now owns 4,661,346 shares of the company’s stock worth $163,703,000 after purchasing an additional 2,803,241 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Bentley Systems by 6.6% during the 4th quarter. Geode Capital Management LLC now owns 3,468,512 shares of the company’s stock worth $132,060,000 after purchasing an additional 216,257 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Bentley Systems by 8.9% in the 4th quarter. Bank of New York Mellon Corp now owns 3,185,756 shares of the company’s stock valued at $121,584,000 after purchasing an additional 259,780 shares during the period. 44.16% of the stock is currently owned by institutional investors and hedge funds.

Bentley Systems Trading Up 7.4%

Shares of BSY stock opened at $33.71 on Tuesday. The stock has a market cap 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. Bentley Systems, Incorporated has a 1 year low of $28.08 and a 1 year high of $59.25. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.91. The stock 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 posted its quarterly earnings data on Thursday, May 7th. The company reported $0.38 EPS 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 analyst estimates of $419.80 million. Bentley Systems had a return on equity of 28.65% and a net margin of 18.12%.The company’s revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the company earned $0.35 EPS. On average, research analysts predict that Bentley Systems, Incorporated will post 1.2 earnings per share for the current fiscal year.

Bentley Systems Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Mizuho decreased their price objective on Bentley Systems from $50.00 to $45.00 and set an “outperform” rating on the stock in a report on Friday, May 8th. Zacks Research downgraded Bentley Systems from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 21st. Piper Sandler raised shares of Bentley Systems from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $42.00 to $45.00 in a research report on Friday, May 8th. Weiss Ratings downgraded shares of Bentley Systems from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, July 16th. Finally, Bank of America started coverage on shares of Bentley Systems in a research report on Tuesday, May 12th. They set a “buy” rating and a $40.00 price target on the stock. Nine equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Bentley Systems presently has a consensus rating of “Hold” and an average price target of $45.00.

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.