42,000 Shares in Bentley Systems, Incorporated (NASDAQ:BSY) Acquired by Needham Investment Management LLC

Needham Investment Management LLC purchased a new position in shares of Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 42,000 shares of the company's stock, valued at approximately $2,134,000.

Other large investors also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC raised its stake in shares of Bentley Systems by 4,618.2% in the second quarter. Allspring Global Investments Holdings LLC now owns 519 shares of the company's stock valued at $26,000 after acquiring an additional 508 shares in the last quarter. GAMMA Investing LLC raised its stake in Bentley Systems by 90.1% in the second quarter. GAMMA Investing LLC now owns 576 shares of the company's stock valued at $28,000 after buying an additional 273 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in Bentley Systems in the third quarter valued at $30,000. Blue Trust Inc. raised its stake in Bentley Systems by 68,500.0% in the second quarter. Blue Trust Inc. now owns 686 shares of the company's stock valued at $36,000 after buying an additional 685 shares in the last quarter. Finally, Central Pacific Bank Trust Division raised its stake in Bentley Systems by 57.1% in the third quarter. Central Pacific Bank Trust Division now owns 759 shares of the company's stock valued at $39,000 after buying an additional 276 shares in the last quarter. 44.16% of the stock is currently owned by institutional investors and hedge funds.

Bentley Systems Trading Up 2.0 %

Shares of BSY stock traded up $0.97 on Wednesday, reaching $50.44. 515,642 shares of the stock were exchanged, compared to its average volume of 1,196,485. The stock has a market cap of $14.66 billion, a P/E ratio of 44.57, a price-to-earnings-growth ratio of 4.27 and a beta of 1.03. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 1.37. The firm has a 50 day moving average of $49.20 and a two-hundred day moving average of $49.66. Bentley Systems, Incorporated has a 1-year low of $43.82 and a 1-year high of $57.19.

Bentley Systems (NASDAQ:BSY - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.24 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.24. Bentley Systems had a return on equity of 29.50% and a net margin of 27.73%. The firm had revenue of $335.17 million during the quarter, compared to the consensus estimate of $340.36 million. During the same period in the prior year, the firm earned $0.18 EPS. The firm's quarterly revenue was up 9.3% compared to the same quarter last year. On average, research analysts anticipate that Bentley Systems, Incorporated will post 0.88 EPS for the current year.

Bentley Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, December 3rd will be given a $0.06 dividend. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $0.24 dividend on an annualized basis and a yield of 0.48%. Bentley Systems's payout ratio is currently 21.62%.

Analyst Ratings Changes

BSY has been the topic of several recent research reports. Royal Bank of Canada restated an "outperform" rating and issued a $61.00 price target on shares of Bentley Systems in a research report on Wednesday, August 7th. Piper Sandler boosted their price target on Bentley Systems from $63.00 to $65.00 and gave the company an "overweight" rating in a research report on Friday, November 8th. The Goldman Sachs Group dropped their price target on Bentley Systems from $57.00 to $50.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 7th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $62.00 target price on shares of Bentley Systems in a research report on Friday, November 8th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $59.50.

Insider Activity at Bentley Systems

In related news, Director Barry J. Bentley sold 34,987 shares of the stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $48.37, for a total transaction of $1,692,321.19. Following the sale, the director now owns 12,213,248 shares in the company, valued at $590,754,805.76. This represents a 0.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 234,987 shares of company stock valued at $11,667,821 over the last three months. 21.12% of the stock is owned by insiders.

Bentley Systems Company Profile

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.