NewEdge Wealth LLC Reduces Stock Holdings in Bentley Systems, Incorporated $BSY

NewEdge Wealth LLC lowered its position in Bentley Systems, Incorporated (NASDAQ:BSY) by 15.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 105,684 shares of the company’s stock after selling 19,635 shares during the quarter. NewEdge Wealth LLC’s holdings in Bentley Systems were worth $4,033,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. AGF Management Ltd. increased its position in shares of Bentley Systems by 64.2% in the third quarter. AGF Management Ltd. now owns 180,633 shares of the company’s stock valued at $9,299,000 after buying an additional 70,650 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Bentley Systems in the third quarter valued at $122,028,000. Rakuten Investment Management Inc. purchased a new stake in Bentley Systems during the 3rd quarter worth about $4,305,000. Baillie Gifford & Co. increased its position in Bentley Systems by 54,633.0% during the 4th quarter. Baillie Gifford & Co. now owns 298,295 shares of the company’s stock worth $11,384,000 after purchasing an additional 297,750 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its position in Bentley Systems by 5.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 954,867 shares of the company’s stock worth $49,157,000 after purchasing an additional 51,883 shares in the last quarter. Hedge funds and other institutional investors own 44.16% of the company’s stock.

Bentley Systems Stock Down 0.4%

Shares of NASDAQ:BSY opened at $32.64 on Tuesday. The stock’s 50-day moving average price is $35.50 and its two-hundred day moving average price is $38.57. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.91. Bentley Systems, Incorporated has a 12-month low of $30.83 and a 12-month high of $59.25. The firm has a market cap of $9.54 billion, a price-to-earnings ratio of 37.09, a PEG ratio of 2.20 and a beta of 1.01.

Bentley Systems (NASDAQ:BSY) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Bentley Systems had a return on equity of 28.65% and a net margin of 18.12%.The firm had revenue of $424.18 million for the quarter, compared to analyst estimates of $419.80 million. During the same period last year, the company earned $0.35 EPS. The firm’s quarterly revenue was up 14.5% on a year-over-year basis. On average, research analysts forecast that Bentley Systems, Incorporated will post 1.23 EPS for the current year.

Bentley Systems Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Tuesday, March 10th were paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, March 10th. Bentley Systems’s dividend payout ratio (DPR) is presently 31.82%.

Wall Street Analysts Forecast Growth

BSY has been the subject of a number of recent research reports. Barclays lifted their price objective on Bentley Systems from $47.00 to $49.00 and gave the stock an “equal weight” rating in a research report on Friday, March 6th. Piper Sandler upgraded Bentley Systems from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $42.00 to $45.00 in a research report on Friday. Oppenheimer dropped their price objective on Bentley Systems from $53.00 to $43.00 and set an “outperform” rating for the company in a research report on Friday, February 27th. Mizuho dropped their price objective on Bentley Systems from $50.00 to $45.00 and set an “outperform” rating for the company in a research report on Friday. Finally, Zacks Research upgraded Bentley Systems from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $48.33.

About Bentley Systems

Bentley Systems, Inc is a global software provider specializing in infrastructure engineering applications for the design, construction, and operations of roads, bridges, rail and transit systems, water and wastewater networks, power plants and grids, industrial facilities, and communications infrastructure. Founded in 1984 by brothers Keith and Barry Bentley, the company is headquartered in Exton, Pennsylvania, and maintains offices and development centers across North America, Europe, Asia, and Australia.