Bentley Systems, Incorporated (NASDAQ:BSY) Shares Bought by Maryland State Retirement & Pension System

Posted by Defense World Staff on Sep 25th, 2023

Maryland State Retirement & Pension System lifted its holdings in shares of Bentley Systems, Incorporated (NASDAQ:BSY – Free Report) by 17.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 15,187 shares of the company’s stock after acquiring an additional 2,211 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Bentley Systems were worth $824,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of BSY. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Bentley Systems in the first quarter worth about $241,000. US Bancorp DE lifted its stake in shares of Bentley Systems by 250.8% in the first quarter. US Bancorp DE now owns 4,806 shares of the company’s stock worth $213,000 after acquiring an additional 3,436 shares in the last quarter. HighTower Advisors LLC lifted its stake in shares of Bentley Systems by 96.7% in the first quarter. HighTower Advisors LLC now owns 10,401 shares of the company’s stock worth $459,000 after acquiring an additional 5,114 shares in the last quarter. Citigroup Inc. raised its stake in Bentley Systems by 31.2% during the first quarter. Citigroup Inc. now owns 71,746 shares of the company’s stock valued at $3,170,000 after buying an additional 17,080 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in Bentley Systems by 315.6% during the first quarter. PNC Financial Services Group Inc. now owns 1,226 shares of the company’s stock valued at $55,000 after buying an additional 931 shares in the last quarter. Institutional investors and hedge funds own 44.16% of the company’s stock.

Analyst Ratings Changes

BSY has been the topic of several research reports. Oppenheimer upped their price objective on Bentley Systems from $63.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, August 9th. Mizuho upped their price objective on Bentley Systems from $51.00 to $55.00 in a research note on Monday, July 17th. Royal Bank of Canada upped their price objective on Bentley Systems from $53.00 to $59.00 and gave the company an “outperform” rating in a research note on Monday, August 7th. Rosenblatt Securities reiterated a “neutral” rating and set a $47.00 price target on shares of Bentley Systems in a research report on Tuesday, August 8th. Finally, Piper Sandler reiterated an “overweight” rating and set a $60.00 price target on shares of Bentley Systems in a research report on Thursday, August 10th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Bentley Systems has an average rating of “Moderate Buy” and a consensus target price of $55.67.

Check Out Our Latest Report on Bentley Systems

Bentley Systems Stock Performance

Shares of BSY stock opened at $48.82 on Monday. Bentley Systems, Incorporated has a 12-month low of $30.51 and a 12-month high of $55.37. The firm has a market capitalization of $13.83 billion, a price-to-earnings ratio of 99.63, a price-to-earnings-growth ratio of 8.43 and a beta of 1.21. The business has a 50 day simple moving average of $49.94 and a 200 day simple moving average of $47.59. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.55 and a quick ratio of 0.55.

Bentley Systems (NASDAQ:BSY – Get Free Report) last issued its quarterly earnings data on Tuesday, August 8th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.05. Bentley Systems had a return on equity of 36.80% and a net margin of 13.45%. The business had revenue of $296.75 million during the quarter, compared to analyst estimates of $295.78 million. On average, equities research analysts anticipate that Bentley Systems, Incorporated will post 0.7 EPS for the current year.

Bentley Systems Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 24th. Investors of record on Tuesday, August 15th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date of this dividend was Monday, August 14th. Bentley Systems’s dividend payout ratio (DPR) is 40.82%.

Insider Buying and Selling

In related news, CEO Gregory S. Bentley sold 41,601 shares of the stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $52.95, for a total value of $2,202,772.95. Following the completion of the transaction, the chief executive officer now directly owns 7,965,230 shares of the company’s stock, valued at approximately $421,758,928.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Bentley Systems news, CEO Gregory S. Bentley sold 41,601 shares of the stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $52.95, for a total transaction of $2,202,772.95. Following the completion of the transaction, the chief executive officer now directly owns 7,965,230 shares of the company’s stock, valued at approximately $421,758,928.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Michael M. Campbell sold 14,934 shares of the stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $49.81, for a total value of $743,862.54. Following the transaction, the insider now directly owns 70,063 shares of the company’s stock, valued at $3,489,838.03. The disclosure for this sale can be found here. Insiders sold 205,896 shares of company stock valued at $10,913,964 in the last three months. 21.74% of the stock is currently owned by corporate insiders.

Bentley Systems Company Profile

(Free Report)

Bentley Systems, Incorporated, together with its subsidiaries, provides infrastructure engineering software solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company offers open modeling and open simulation applications for infrastructure design integration, which include MicroStation, OpenRoads, OpenRail, OpenPlant, OpenBuildings, OpenBridge, OpenSite, OpenFlows, STAAD and RAM, SACS, MOSES, AutoPIPE, SITEOPS, CUBE, DYNAMEQ, EMME, and LEGION; and geoprofessional applications for modeling and simulation of near and deep subsurface conditions, including Leapfrog, AGS Workbench, GeoStudio, Imago, MX Deposit, Oasis montaj, PLAXIS, and OpenGround.