Citigroup Inc. Sells 751,961 Shares of Bentley Systems, Incorporated (NASDAQ:BSY)

Citigroup Inc. lessened its holdings in shares of Bentley Systems, Incorporated (NASDAQ:BSY) by 92.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 62,230 shares of the company’s stock after selling 751,961 shares during the quarter. Citigroup Inc.’s holdings in Bentley Systems were worth $2,675,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC increased its stake in Bentley Systems by 261.5% in the 1st quarter. Tower Research Capital LLC TRC now owns 658 shares of the company’s stock worth $28,000 after acquiring an additional 476 shares during the last quarter. Machina Capital S.A.S. bought a new stake in Bentley Systems in the 1st quarter worth approximately $30,000. Benjamin Edwards Inc. increased its stake in Bentley Systems by 78.4% in the 1st quarter. Benjamin Edwards Inc. now owns 776 shares of the company’s stock worth $33,000 after acquiring an additional 341 shares during the last quarter. State of Wyoming increased its stake in Bentley Systems by 6,393.8% in the 4th quarter. State of Wyoming now owns 1,039 shares of the company’s stock worth $38,000 after acquiring an additional 1,023 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new stake in Bentley Systems in the 1st quarter worth approximately $46,000. Institutional investors own 44.16% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Gregory S. Bentley sold 57,696 shares of the company’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $53.08, for a total transaction of $3,062,503.68. Following the completion of the sale, the chief executive officer now directly owns 8,070,445 shares in the company, valued at approximately $428,379,220.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Michael M. Campbell sold 4,408 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $53.69, for a total transaction of $236,665.52. Following the completion of the sale, the insider now directly owns 93,965 shares in the company, valued at approximately $5,044,980.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gregory S. Bentley sold 57,696 shares of the company’s stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $53.08, for a total value of $3,062,503.68. Following the transaction, the chief executive officer now directly owns 8,070,445 shares in the company, valued at $428,379,220.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 190,962 shares of company stock worth $10,170,102. 22.53% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on BSY shares. Rosenblatt Securities reissued a “neutral” rating and set a $47.00 target price on shares of Bentley Systems in a research report on Tuesday, August 8th. The Goldman Sachs Group downgraded Bentley Systems from a “buy” rating to a “neutral” rating and boosted their target price for the company from $45.00 to $47.00 in a research report on Thursday, May 11th. Wolfe Research downgraded Bentley Systems from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, August 9th. Mizuho boosted their target price on Bentley Systems from $51.00 to $55.00 in a research report on Monday, July 17th. Finally, KeyCorp boosted their price objective on Bentley Systems from $53.00 to $61.00 in a report on Thursday, July 20th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Bentley Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.67.

Bentley Systems Price Performance

Shares of BSY stock opened at $49.73 on Wednesday. Bentley Systems, Incorporated has a twelve month low of $30.51 and a twelve month high of $55.37. The stock has a market capitalization of $14.09 billion, a price-to-earnings ratio of 101.49, a P/E/G ratio of 8.66 and a beta of 1.21. The stock has a fifty day simple moving average of $50.95 and a two-hundred day simple moving average of $46.79. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 2.53.

Bentley Systems (NASDAQ:BSY) last issued its earnings results on Tuesday, August 8th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate 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 analysts’ expectations of $295.78 million. On average, analysts predict that Bentley Systems, Incorporated will post 0.7 EPS for the current fiscal year.

Bentley Systems Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Tuesday, August 15th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.40%. The ex-dividend date was Monday, August 14th. Bentley Systems’s dividend payout ratio is 40.82%.

About Bentley Systems

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.