Arrowstreet Capital Limited Partnership Acquires 3,429,087 Shares of Bentley Systems, Incorporated $BSY

Arrowstreet Capital Limited Partnership increased its stake in shares of Bentley Systems, Incorporated (NASDAQ:BSY) by 253.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,781,449 shares of the company’s stock after purchasing an additional 3,429,087 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 1.64% of Bentley Systems worth $167,924,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Geneos Wealth Management Inc. raised its position in shares of Bentley Systems by 1,529.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 668 shares of the company’s stock valued at $26,000 after acquiring an additional 627 shares during the period. Invesco Ltd. raised its holdings in Bentley Systems by 2.6% during the 2nd quarter. Invesco Ltd. now owns 375,054 shares of the company’s stock worth $20,242,000 after buying an additional 9,557 shares during the period. First Trust Advisors LP raised its holdings in Bentley Systems by 97.5% during the 2nd quarter. First Trust Advisors LP now owns 160,644 shares of the company’s stock worth $8,670,000 after buying an additional 79,286 shares during the period. Brown Advisory Inc. bought a new position in Bentley Systems in the second quarter valued at approximately $212,000. Finally, Cresset Asset Management LLC bought a new position in Bentley Systems in the second quarter valued at approximately $248,000. Institutional investors own 44.16% of the company’s stock.

Bentley Systems Stock Performance

NASDAQ:BSY opened at $31.40 on Friday. The stock’s 50-day moving average is $31.61 and its 200-day moving average is $34.22. 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 market cap of $9.18 billion, a P/E ratio of 35.68, a price-to-earnings-growth ratio of 1.94 and a beta of 1.00.

Bentley Systems (NASDAQ:BSY) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. The business had revenue of $424.18 million during the quarter, compared to analyst estimates of $419.80 million. Bentley Systems had a net margin of 18.12% and a return on equity of 28.65%. The firm’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the business earned $0.35 EPS. Equities research analysts anticipate that Bentley Systems, Incorporated will post 1.2 earnings per share for the current year.

Bentley Systems Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Tuesday, June 2nd were given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Tuesday, June 2nd. Bentley Systems’s dividend payout ratio (DPR) is 31.82%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on BSY. UBS Group lowered their target price on Bentley Systems from $43.00 to $40.00 and set a “neutral” rating for the company in a report on Monday, May 4th. Barclays lowered their price objective on shares of Bentley Systems from $49.00 to $40.00 and set an “equal weight” rating on the stock in a report on Friday, May 29th. Piper Sandler raised shares of Bentley Systems from a “neutral” rating to an “overweight” rating and raised their target price for the company from $42.00 to $45.00 in a research report on Friday, May 8th. Bank of America initiated coverage on shares of Bentley Systems in a research note on Tuesday, May 12th. They issued a “buy” rating and a $40.00 price target on the stock. Finally, Zacks Research downgraded Bentley Systems from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 21st. Nine equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $45.00.

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.