Needham Investment Management LLC Makes New Investment in Bentley Systems, Incorporated (NASDAQ:BSY)

Needham Investment Management LLC purchased a new stake in shares of Bentley Systems, Incorporated (NASDAQ:BSY) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 42,000 shares of the company’s stock, valued at approximately $2,134,000.

Other hedge funds also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its position in Bentley Systems by 4,618.2% in the 2nd 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 in the last quarter. GAMMA Investing LLC boosted its holdings in shares of 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 acquiring an additional 273 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Bentley Systems during the third quarter valued at approximately $30,000. Blue Trust Inc. increased its stake in shares of Bentley Systems by 68,500.0% during the second quarter. Blue Trust Inc. now owns 686 shares of the company’s stock valued at $36,000 after acquiring an additional 685 shares during the period. Finally, Central Pacific Bank Trust Division raised its holdings in Bentley Systems by 57.1% during the third quarter. Central Pacific Bank Trust Division now owns 759 shares of the company’s stock worth $39,000 after purchasing an additional 276 shares in the last quarter. Institutional investors own 44.16% of the company’s stock.

Wall Street Analysts Forecast Growth

BSY has been the subject of a number of research reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $61.00 price target on shares of Bentley Systems in a research note on Wednesday, August 7th. Rosenblatt Securities reaffirmed a “buy” rating and set a $62.00 target price on shares of Bentley Systems in a report on Friday, November 8th. Piper Sandler upped their price target on shares of Bentley Systems from $63.00 to $65.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, The Goldman Sachs Group lowered their price objective on shares of Bentley Systems from $57.00 to $50.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $59.50.

Bentley Systems Trading Down 1.0 %

NASDAQ:BSY opened at $49.47 on Wednesday. The stock has a fifty day simple moving average of $49.20 and a 200 day simple moving average of $49.66. The firm has a market capitalization of $14.38 billion, a price-to-earnings ratio of 44.57, a price-to-earnings-growth ratio of 4.27 and a beta of 1.03. Bentley Systems, Incorporated has a 1-year low of $43.82 and a 1-year high of $57.19. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 1.37.

Bentley Systems (NASDAQ:BSY) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.24 EPS for the quarter, meeting analysts’ consensus estimates of $0.24. The company had revenue of $335.17 million during the quarter, compared to analyst estimates of $340.36 million. Bentley Systems had a net margin of 27.73% and a return on equity of 29.50%. The business’s quarterly revenue was up 9.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.18 earnings per share. Sell-side analysts forecast that Bentley Systems, Incorporated will post 0.88 earnings per share for the current year.

Bentley Systems Announces Dividend

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 dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.49%. The ex-dividend date of this dividend is Tuesday, December 3rd. Bentley Systems’s payout ratio is 21.62%.

Insider Buying and Selling at Bentley Systems

In other news, Director Barry J. Bentley sold 50,000 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $50.20, for a total value of $2,510,000.00. Following the completion of the sale, the director now directly owns 12,298,230 shares of the company’s stock, valued at $617,371,146. This represents a 0.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 234,987 shares of company stock valued at $11,667,821 in the last three months. 21.12% of the stock is currently owned by company insiders.

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.