Harbor Capital Advisors Inc. Sells 26,498 Shares of Bentley Systems, Incorporated $BSY

Harbor Capital Advisors Inc. trimmed its stake in Bentley Systems, Incorporated (NASDAQ:BSY) by 71.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,805 shares of the company’s stock after selling 26,498 shares during the period. Harbor Capital Advisors Inc.’s holdings in Bentley Systems were worth $556,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. Swedbank AB lifted its position in Bentley Systems by 2.3% in the third quarter. Swedbank AB now owns 7,250,495 shares of the company’s stock worth $373,255,000 after buying an additional 160,594 shares during the last quarter. Geode Capital Management LLC grew its holdings in Bentley Systems by 5.0% during the 2nd quarter. Geode Capital Management LLC now owns 3,230,547 shares of the company’s stock valued at $173,877,000 after purchasing an additional 155,078 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Bentley Systems by 207.6% in the second quarter. Bank of New York Mellon Corp now owns 3,062,057 shares of the company’s stock worth $165,259,000 after purchasing an additional 2,066,725 shares during the last quarter. Bessemer Group Inc. boosted its position in shares of Bentley Systems by 3.6% during the second quarter. Bessemer Group Inc. now owns 1,951,363 shares of the company’s stock valued at $105,314,000 after buying an additional 68,155 shares during the period. Finally, Fiera Capital Corp grew its stake in shares of Bentley Systems by 27.8% during the second quarter. Fiera Capital Corp now owns 1,186,155 shares of the company’s stock valued at $64,017,000 after buying an additional 258,186 shares during the last quarter. Institutional investors own 44.16% of the company’s stock.

Analyst Ratings Changes

BSY has been the topic of several research analyst reports. Piper Sandler cut their price objective on Bentley Systems from $63.00 to $60.00 and set an “overweight” rating on the stock in a research report on Thursday, November 6th. Barclays began coverage on shares of Bentley Systems in a research note on Tuesday, October 7th. They issued an “equal weight” rating and a $57.00 price target on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $58.00 price objective on shares of Bentley Systems in a research report on Thursday, November 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Bentley Systems in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. lowered their price target on Bentley Systems from $56.00 to $51.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. Seven research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $56.73.

Bentley Systems Stock Performance

Shares of NASDAQ:BSY opened at $39.00 on Monday. The firm has a 50 day moving average of $44.08 and a 200 day moving average of $50.48. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $11.39 billion, a price-to-earnings ratio of 46.43, a price-to-earnings-growth ratio of 3.06 and a beta of 1.23. Bentley Systems, Incorporated has a 52 week low of $36.51 and a 52 week high of $59.25.

Bentley Systems (NASDAQ:BSY) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.27 EPS for the quarter, hitting the consensus estimate of $0.27. Bentley Systems had a return on equity of 28.16% and a net margin of 18.45%.The firm had revenue of $375.55 million during the quarter, compared to analyst estimates of $369.57 million. During the same period in the previous year, the company posted $0.24 EPS. The business’s revenue for the quarter was up 12.0% compared to the same quarter last year. On average, sell-side analysts predict that Bentley Systems, Incorporated will post 0.88 earnings per share for the current fiscal year.

Bentley Systems Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 11th. Stockholders of record on Thursday, December 4th were given a $0.07 dividend. The ex-dividend date of this dividend was Thursday, December 4th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.7%. Bentley Systems’s payout ratio is presently 33.33%.

Bentley Systems Profile

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.