Piper Sandler Forecasts Strong Price Appreciation for Bentley Systems (NASDAQ:BSY) Stock

Bentley Systems (NASDAQ:BSY) had its price objective lifted by stock analysts at Piper Sandler from $63.00 to $65.00 in a report released on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price target indicates a potential upside of 27.23% from the company’s previous close.

Other research analysts have also issued reports about the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $61.00 price objective on shares of Bentley Systems in a report on Wednesday, August 7th. The Goldman Sachs Group reduced their target price on Bentley Systems from $57.00 to $50.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Finally, Rosenblatt Securities restated a “buy” rating and set a $62.00 price target on shares of Bentley Systems in a research note on Monday, September 16th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $59.86.

Bentley Systems Stock Up 2.3 %

BSY opened at $51.09 on Friday. The business’s fifty day simple moving average is $49.55 and its 200 day simple moving average is $50.43. Bentley Systems has a 52 week low of $43.82 and a 52 week high of $57.19. The firm has a market cap of $14.85 billion, a P/E ratio of 44.82, a PEG ratio of 4.10 and a beta of 1.04. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 1.36.

Bentley Systems (NASDAQ:BSY) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.08. The business had revenue of $330.34 million during the quarter, compared to the consensus estimate of $325.20 million. Bentley Systems had a net margin of 29.17% and a return on equity of 31.71%. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.20 earnings per share. As a group, equities research analysts anticipate that Bentley Systems will post 0.9 EPS for the current fiscal year.

Insider Activity

In other Bentley Systems news, Director Raymond B. Bentley sold 91,045 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $49.43, for a total value of $4,500,354.35. Following the completion of the transaction, the director now directly owns 16,598,656 shares of the company’s stock, valued at $820,471,566.08. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Barry J. Bentley sold 34,987 shares of the business’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $48.37, for a total value of $1,692,321.19. Following the completion of the sale, the director now owns 12,213,248 shares of the company’s stock, valued at approximately $590,754,805.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Raymond B. Bentley sold 91,045 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $49.43, for a total transaction of $4,500,354.35. Following the transaction, the director now directly owns 16,598,656 shares in the company, valued at $820,471,566.08. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 326,032 shares of company stock worth $16,168,176 over the last 90 days. Company insiders own 21.12% of the company’s stock.

Institutional Trading of Bentley Systems

Several institutional investors and hedge funds have recently bought and sold shares of the company. Forsta AP Fonden grew its position in shares of Bentley Systems by 45.0% during the 1st quarter. Forsta AP Fonden now owns 63,500 shares of the company’s stock valued at $3,316,000 after buying an additional 19,700 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of Bentley Systems in the 3rd quarter worth approximately $59,400,000. Vanguard Group Inc. grew its stake in Bentley Systems by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 22,252,050 shares of the company’s stock worth $1,162,002,000 after buying an additional 134,516 shares during the last quarter. Cetera Advisors LLC acquired a new stake in Bentley Systems in the first quarter worth $608,000. Finally, Clearline Capital LP bought a new stake in Bentley Systems in the second quarter valued at $6,999,000. Institutional investors and hedge funds own 44.16% of the company’s stock.

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.