Bentley Systems (NASDAQ:BSY) Price Target Lowered to $59.00 at Robert W. Baird

Bentley Systems (NASDAQ:BSY) had its price target lowered by Robert W. Baird from $60.00 to $59.00 in a report released on Thursday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other research analysts have also weighed in on the company. JPMorgan Chase & Co. initiated coverage on Bentley Systems in a research report on Monday, December 9th. They set a “neutral” rating and a $52.00 price target on the stock. Oppenheimer downgraded shares of Bentley Systems from an “outperform” rating to a “market perform” rating in a report on Thursday. Piper Sandler cut their price target on shares of Bentley Systems from $65.00 to $57.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $62.00 price objective on shares of Bentley Systems in a research report on Tuesday. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Bentley Systems has a consensus rating of “Moderate Buy” and an average target price of $57.29.

Bentley Systems Price Performance

NASDAQ:BSY opened at $44.04 on Thursday. Bentley Systems has a 52-week low of $43.75 and a 52-week high of $57.19. The company has a market cap of $12.80 billion, a P/E ratio of 39.68, a P/E/G ratio of 3.52 and a beta of 1.03. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.52 and a current ratio of 0.52. The stock’s 50-day simple moving average is $46.54 and its 200 day simple moving average is $48.33.

Bentley Systems Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Wednesday, March 19th will be paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date of this dividend is Wednesday, March 19th. This is a boost from Bentley Systems’s previous quarterly dividend of $0.06. Bentley Systems’s dividend payout ratio (DPR) is currently 21.62%.

Insider Buying and Selling

In related news, Director Keith A. Bentley sold 69,573 shares of Bentley Systems stock in a transaction that occurred on 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 directly owns 16,705,028 shares of the company’s stock, valued at approximately $779,623,656.76. This trade represents a 0.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 21.12% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Swedbank AB grew its stake in shares of Bentley Systems by 24.2% in the third quarter. Swedbank AB now owns 5,134,295 shares of the company’s stock valued at $260,874,000 after acquiring an additional 1,000,000 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Bentley Systems by 94.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 11,499 shares of the company’s stock worth $584,000 after purchasing an additional 5,596 shares in the last quarter. Diversify Wealth Management LLC grew its position in shares of Bentley Systems by 2.2% during the 3rd quarter. Diversify Wealth Management LLC now owns 20,192 shares of the company’s stock worth $993,000 after purchasing an additional 428 shares in the last quarter. Stephens Inc. AR increased its holdings in shares of Bentley Systems by 14.4% during the third quarter. Stephens Inc. AR now owns 8,971 shares of the company’s stock worth $456,000 after purchasing an additional 1,130 shares during the period. Finally, Conestoga Capital Advisors LLC raised its position in shares of Bentley Systems by 32.0% in the third quarter. Conestoga Capital Advisors LLC now owns 8,385 shares of the company’s stock valued at $426,000 after buying an additional 2,035 shares in the last quarter. Institutional investors 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.