Bentley Systems (NASDAQ:BSY) Reaches New 52-Week Low - Here's What Happened

Bentley Systems, Incorporated (NASDAQ:BSY - Get Free Report) hit a new 52-week low on Tuesday . The company traded as low as $40.98 and last traded at $41.14, with a volume of 2350010 shares changing hands. The stock had previously closed at $43.02.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on BSY. Robert W. Baird lowered their price target on Bentley Systems from $60.00 to $59.00 and set an "outperform" rating for the company in a report on Thursday, February 27th. JPMorgan Chase & Co. began coverage on Bentley Systems in a research note on Monday, December 9th. They set a "neutral" rating and a $52.00 price objective for the company. Oppenheimer downgraded Bentley Systems from an "outperform" rating to a "market perform" rating in a research note on Thursday, February 27th. Piper Sandler lowered their price objective on Bentley Systems from $65.00 to $57.00 and set an "overweight" rating for the company in a research note on Wednesday, January 8th. Finally, The Goldman Sachs Group downgraded Bentley Systems from a "neutral" rating to a "sell" rating and lowered their price objective for the stock from $51.00 to $42.00 in a research note on Friday, February 28th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $56.14.

Bentley Systems Stock Up 0.9 %

The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 1.37. The stock has a 50-day simple moving average of $45.73 and a 200-day simple moving average of $47.91. The company has a market cap of $12.11 billion, a price-to-earnings ratio of 37.41, a price-to-earnings-growth ratio of 3.52 and a beta of 1.04.

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Bentley Systems Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Wednesday, March 19th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date is Wednesday, March 19th. This is a positive change from Bentley Systems's previous quarterly dividend of $0.06. Bentley Systems's payout ratio is 38.36%.

Insiders Place Their Bets

In other news, Director Keith A. Bentley sold 69,573 shares of the company's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $46.67, for a total transaction of $3,246,971.91. Following the completion of the sale, the director now directly owns 16,705,028 shares of the company's stock, valued at $779,623,656.76. This represents a 0.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 21.12% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Bentley Systems

Several hedge funds have recently modified their holdings of the stock. Intech Investment Management LLC raised its position in Bentley Systems by 3.6% during the fourth quarter. Intech Investment Management LLC now owns 7,283 shares of the company's stock valued at $340,000 after buying an additional 254 shares during the period. EverSource Wealth Advisors LLC increased its position in Bentley Systems by 3.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 10,035 shares of the company's stock worth $469,000 after purchasing an additional 317 shares during the last quarter. Quantinno Capital Management LP increased its position in Bentley Systems by 7.2% in the 4th quarter. Quantinno Capital Management LP now owns 5,261 shares of the company's stock worth $246,000 after purchasing an additional 354 shares during the last quarter. Prudential PLC increased its position in Bentley Systems by 0.6% in the 4th quarter. Prudential PLC now owns 63,008 shares of the company's stock worth $2,942,000 after purchasing an additional 371 shares during the last quarter. Finally, CIBC Asset Management Inc increased its position in Bentley Systems by 4.3% in the 3rd quarter. CIBC Asset Management Inc now owns 9,203 shares of the company's stock worth $468,000 after purchasing an additional 378 shares during the last quarter. 44.16% of the stock is owned by hedge funds and other institutional investors.

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 engineering applications, such as MicroStation, OpenBridge, OpenBuildings, OpenCities, OpenComms, OpenFlows, OpenPlant, OpenRail, OpenRoads, OpenSite, OpenTower, OpenTunnel, OpenUtilities, and OpenWindowPower; and open simulation engineering applications, including ADINA, AutoPIPE, CUBE, DYNAMEQ, EMME, LEGION, Power Line Systems, RAM, SACS, SPIDA, and STAAD; and geoprofessional applications for modeling and simulation of near and deep subsurface conditions, including AGS, Central, GeoStudio, Imago, Leapfrog, MX Deposit, Oasis montaj, OpenGround, and PLAXIS.