Ergoteles LLC Acquires Shares of 6,800 Bentley Systems, Incorporated (NASDAQ:BSY)

Ergoteles LLC acquired a new stake in shares of Bentley Systems, Incorporated (NASDAQ:BSY – Get Rating) in the third quarter, according to its most recent disclosure with the SEC. The firm acquired 6,800 shares of the company’s stock, valued at approximately $208,000.

Other institutional investors have also added to or reduced their stakes in the company. CWM LLC grew its holdings in shares of Bentley Systems by 67.3% in the third quarter. CWM LLC now owns 885 shares of the company’s stock valued at $27,000 after purchasing an additional 356 shares in the last quarter. Commerce Bank grew its holdings in shares of Bentley Systems by 6.0% in the third quarter. Commerce Bank now owns 7,859 shares of the company’s stock valued at $240,000 after purchasing an additional 443 shares in the last quarter. Lazard Asset Management LLC grew its holdings in shares of Bentley Systems by 28.7% in the first quarter. Lazard Asset Management LLC now owns 2,123 shares of the company’s stock valued at $93,000 after purchasing an additional 473 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Bentley Systems by 2.5% in the first quarter. Dimensional Fund Advisors LP now owns 24,907 shares of the company’s stock valued at $1,100,000 after purchasing an additional 598 shares in the last quarter. Finally, Kestra Advisory Services LLC grew its holdings in shares of Bentley Systems by 2.6% in the third quarter. Kestra Advisory Services LLC now owns 24,508 shares of the company’s stock valued at $750,000 after purchasing an additional 620 shares in the last quarter. 36.12% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Mizuho raised their target price on shares of Bentley Systems from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, December 8th. The Goldman Sachs Group upgraded Bentley Systems from a “neutral” rating to a “buy” rating and raised their price target for the stock from $38.00 to $44.00 in a research report on Wednesday, November 9th. Rosenblatt Securities restated a “buy” rating and issued a $39.00 price target on shares of Bentley Systems in a research report on Tuesday, February 28th. KeyCorp raised their price target on Bentley Systems from $45.00 to $47.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 1st. Finally, Oppenheimer raised their price target on Bentley Systems from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 1st. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Bentley Systems currently has an average rating of “Moderate Buy” and an average price target of $46.56.

Bentley Systems Price Performance

Shares of NASDAQ BSY opened at $40.98 on Tuesday. The business’s 50 day moving average price is $39.02 and its 200 day moving average price is $37.01. The firm has a market cap of $11.43 billion, a P/E ratio of 74.51, a P/E/G ratio of 7.90 and a beta of 1.19. Bentley Systems, Incorporated has a 52 week low of $26.32 and a 52 week high of $45.70. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 3.10.

Bentley Systems (NASDAQ:BSY – Get Rating) last announced its quarterly earnings results on Tuesday, February 28th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. The company had revenue of $287.00 million during the quarter, compared to the consensus estimate of $280.85 million. Bentley Systems had a return on equity of 41.48% and a net margin of 15.90%. Bentley Systems’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.18 earnings per share. On average, sell-side analysts expect that Bentley Systems, Incorporated will post 0.65 earnings per share for the current year.

Bentley Systems Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 7th. Shareholders of record on Tuesday, February 21st will be issued a $0.05 dividend. This is a boost from Bentley Systems’s previous quarterly dividend of $0.03. This represents a $0.20 annualized dividend and a yield of 0.49%. The ex-dividend date is Friday, February 17th. Bentley Systems’s dividend payout ratio is presently 36.36%.

Insider Buying and Selling at Bentley Systems

In other news, Director Kirk B. Griswold sold 35,000 shares of the stock in a transaction on Tuesday, January 3rd. The stock was sold at an average price of $36.82, for a total transaction of $1,288,700.00. Following the completion of the transaction, the director now directly owns 502,204 shares in the company, valued at approximately $18,491,151.28. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Kirk B. Griswold sold 35,000 shares of the stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $36.82, for a total transaction of $1,288,700.00. Following the transaction, the director now owns 502,204 shares of the company’s stock, valued at approximately $18,491,151.28. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Gregory S. Bentley sold 50,110 shares of the stock in a transaction dated Tuesday, January 24th. The shares were sold at an average price of $38.33, for a total value of $1,920,716.30. Following the completion of the sale, the chief executive officer now directly owns 8,297,842 shares in the company, valued at approximately $318,056,283.86. The disclosure for this sale can be found here. Insiders sold a total of 90,822 shares of company stock worth $3,443,608 in the last three months. 22.53% of the stock is owned by corporate insiders.

About Bentley Systems

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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.