Bentley Systems (NASDAQ:BSY) Shares Gap Down to $56.72 (2024)

Shares of Bentley Systems, Incorporated (NASDAQ:BSY - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $56.72, but opened at $52.50. Bentley Systems shares last traded at $53.12, with a volume of 476,616 shares trading hands.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Piper Sandler reiterated an "overweight" rating and set a $63.00 target price (up previously from $60.00) on shares of Bentley Systems in a research note on Wednesday, May 8th. Royal Bank of Canada reiterated an "outperform" rating and issued a $61.00 price target on shares of Bentley Systems in a research report on Wednesday, February 28th. Rosenblatt Securities restated a "buy" rating and set a $60.00 price objective on shares of Bentley Systems in a report on Tuesday, April 30th. Robert W. Baird boosted their price objective on Bentley Systems from $58.00 to $59.00 and gave the stock an "outperform" rating in a report on Tuesday, February 6th. Finally, Mizuho upped their target price on Bentley Systems from $57.00 to $60.00 and gave the company a "buy" rating in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $61.29.

View Our Latest Analysis on Bentley Systems

Bentley Systems Stock Down 6.1 %

The stock has a market cap of $15.36 billion, a P/E ratio of 49.77, a PEG ratio of 5.04 and a beta of 1.08. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.53. The business has a 50-day simple moving average of $52.19 and a 200-day simple moving average of $51.39.

Bentley Systems (NASDAQ:BSY - Get Free Report) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $0.18 earnings per share for the quarter, meeting the consensus estimate of $0.18. Bentley Systems had a return on equity of 32.62% and a net margin of 28.09%. The company had revenue of $310.64 million during the quarter, compared to analysts' expectations of $313.67 million. During the same period in the prior year, the business earned $0.13 earnings per share. Bentley Systems's revenue for the quarter was up 8.3% compared to the same quarter last year. Analysts expect that Bentley Systems, Incorporated will post 0.85 EPS for the current year.

Insider Activity at Bentley Systems

In other Bentley Systems news, Director Keith A. Bentley sold 88,925 shares of the stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $49.48, for a total transaction of $4,400,009.00. Following the completion of the transaction, the director now directly owns 17,164,179 shares in the company, valued at $849,283,576.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Bentley Systems news, Director Keith A. Bentley sold 88,925 shares of the stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $49.48, for a total transaction of $4,400,009.00. Following the completion of the transaction, the director now directly owns 17,164,179 shares in the company, valued at $849,283,576.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Keith A. Bentley sold 59,420 shares of the stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $55.01, for a total value of $3,268,694.20. Following the sale, the director now owns 16,972,383 shares in the company, valued at approximately $933,650,788.83. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 284,315 shares of company stock worth $15,148,243. 21.12% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bentley Systems

Several hedge funds have recently added to or reduced their stakes in BSY. California Public Employees Retirement System boosted its holdings in Bentley Systems by 223.4% in the third quarter. California Public Employees Retirement System now owns 1,045,289 shares of the company's stock valued at $52,432,000 after acquiring an additional 722,046 shares during the last quarter. Swedbank AB acquired a new stake in shares of Bentley Systems during the first quarter worth about $35,133,000. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Bentley Systems by 4.5% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 13,516,480 shares of the company's stock worth $677,987,000 after purchasing an additional 578,512 shares during the period. Vanguard Group Inc. raised its position in shares of Bentley Systems by 2.6% during the third quarter. Vanguard Group Inc. now owns 21,762,442 shares of the company's stock worth $1,091,604,000 after purchasing an additional 556,363 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in shares of Bentley Systems by 43.0% during the third quarter. Envestnet Asset Management Inc. now owns 1,089,629 shares of the company's stock worth $54,656,000 after purchasing an additional 327,577 shares during the period. Institutional investors own 44.16% of the company's stock.

Bentley Systems Company Profile

(Get Free Report)

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.

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