Bentley Systems (NASDAQ:BSY) Price Target Cut to $57.00 by Analysts at Piper Sandler

Bentley Systems (NASDAQ:BSY - Get Free Report) had its price target lowered by equities research analysts at Piper Sandler from $65.00 to $57.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Piper Sandler's price objective points to a potential upside of 21.95% from the stock's current price.

Other equities research analysts have also issued research reports about the stock. Rosenblatt Securities reissued a "buy" rating and issued a $62.00 price target on shares of Bentley Systems in a report on Friday, November 8th. JPMorgan Chase & Co. assumed coverage on Bentley Systems in a report on Monday, December 9th. They set a "neutral" rating and a $52.00 price target on the stock. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $57.29.

Bentley Systems Price Performance

NASDAQ:BSY traded up $0.32 during mid-day trading on Wednesday, reaching $46.74. The stock had a trading volume of 772,772 shares, compared to its average volume of 881,054. The stock has a market capitalization of $13.59 billion, a P/E ratio of 42.11, a P/E/G ratio of 4.04 and a beta of 1.04. Bentley Systems has a one year low of $43.82 and a one year high of $57.19. The firm has a 50 day moving average price of $48.22 and a two-hundred day moving average price of $48.96. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.52 and a current ratio of 0.52.

Bentley Systems (NASDAQ:BSY - Get Free Report) last released its earnings results on Thursday, November 7th. The company reported $0.24 earnings per share for the quarter, meeting analysts' consensus estimates of $0.24. Bentley Systems had a return on equity of 29.50% and a net margin of 27.73%. The company had revenue of $335.17 million during the quarter, compared to analyst estimates of $340.36 million. During the same quarter in the previous year, the company posted $0.18 EPS. Bentley Systems's revenue for the quarter was up 9.3% on a year-over-year basis. As a group, analysts expect that Bentley Systems will post 0.88 earnings per share for the current year.

Insider Transactions at Bentley Systems

In related news, Director Barry J. Bentley sold 50,000 shares of the business's stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $49.44, for a total transaction of $2,472,000.00. Following the sale, the director now owns 12,098,235 shares of the company's stock, valued at $598,136,738.40. The trade was a 0.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Keith A. Bentley sold 69,573 shares of the company's stock in a transaction dated 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 owns 16,705,028 shares in the company, valued at approximately $779,623,656.76. This trade represents a 0.41 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 219,573 shares of company stock valued at $10,712,472. Corporate insiders own 21.12% of the company's stock.

Institutional Trading of Bentley Systems

A number of hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC raised its stake in Bentley Systems by 4,618.2% during the second quarter. Allspring Global Investments Holdings LLC now owns 519 shares of the company's stock valued at $26,000 after buying an additional 508 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of Bentley Systems in the 3rd quarter worth about $30,000. Central Pacific Bank Trust Division raised its position in shares of Bentley Systems by 57.1% in the 3rd quarter. Central Pacific Bank Trust Division now owns 759 shares of the company's stock worth $39,000 after purchasing an additional 276 shares during the last quarter. Acadian Asset Management LLC bought a new position in Bentley Systems in the 2nd quarter worth about $43,000. Finally, Andra AP fonden purchased a new stake in Bentley Systems during the 2nd quarter valued at about $54,000. 44.16% of the stock is owned by 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.