New York State Teachers Retirement System Acquires New Stake in Bentley Systems, Incorporated $BSY

New York State Teachers Retirement System acquired a new stake in Bentley Systems, Incorporated (NASDAQ:BSY) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 22,480 shares of the company’s stock, valued at approximately $858,000.

A number of other institutional investors and hedge funds have also bought and sold shares of BSY. William Blair Investment Management LLC acquired a new stake in Bentley Systems in the third quarter valued at $150,903,000. Manning & Napier Advisors LLC acquired a new stake in Bentley Systems in the third quarter valued at $122,028,000. Vanguard Group Inc. increased its holdings in Bentley Systems by 10.7% in the third quarter. Vanguard Group Inc. now owns 18,607,657 shares of the company’s stock valued at $957,922,000 after purchasing an additional 1,792,591 shares during the period. Bessemer Group Inc. increased its holdings in Bentley Systems by 27.4% in the third quarter. Bessemer Group Inc. now owns 2,486,139 shares of the company’s stock valued at $127,986,000 after purchasing an additional 534,776 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Bentley Systems by 303.8% in the third quarter. Arrowstreet Capital Limited Partnership now owns 627,165 shares of the company’s stock valued at $32,286,000 after purchasing an additional 471,845 shares during the period. 44.16% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on BSY. Mizuho decreased their price objective on Bentley Systems from $50.00 to $45.00 and set an “outperform” rating for the company in a report on Friday. Piper Sandler upgraded Bentley Systems from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $42.00 to $45.00 in a report on Friday. Rosenblatt Securities decreased their price target on Bentley Systems from $58.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, February 24th. BMO Capital Markets reiterated an “outperform” rating on shares of Bentley Systems in a report on Monday, March 2nd. Finally, Weiss Ratings downgraded Bentley Systems from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Bentley Systems currently has an average rating of “Moderate Buy” and an average price target of $48.33.

Key Headlines Impacting Bentley Systems

Here are the key news stories impacting Bentley Systems this week:

• Positive Sentiment: Bentley Systems reported Q1 earnings of $0.38 per share, beating estimates of $0.36, while revenue of $424.2 million also topped expectations. Sales rose 14.5% year over year, suggesting continued healthy demand for the company’s software. Earnings transcript
• Positive Sentiment: Mizuho kept an outperform rating on Bentley Systems and still sees upside from current levels, which may help support sentiment despite the lower target. Benzinga report
• Neutral Sentiment: The company’s earnings call transcript and presentation are in focus as investors look for commentary on growth trends, margins, and full-year guidance following the report. Yahoo Finance transcript
• Negative Sentiment: Mizuho lowered its price target on Bentley Systems from $50 to $45, a sign that analysts are becoming slightly more cautious about the stock’s near-term valuation. Mizuho price-target update

Bentley Systems Stock Performance

Shares of Bentley Systems stock opened at $32.76 on Monday. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.91. The business has a 50-day moving average price of $35.58 and a two-hundred day moving average price of $38.84. Bentley Systems, Incorporated has a 1-year low of $30.83 and a 1-year high of $59.25. The company has a market cap of $9.58 billion, a P/E ratio of 37.23, 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 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 during the quarter, compared to the consensus estimate of $419.80 million. During the same period last year, the business posted $0.35 EPS. The business’s revenue was up 14.5% compared to the same quarter last year. As a group, analysts anticipate that Bentley Systems, Incorporated will post 1.23 EPS for the current year.

Bentley Systems Dividend Announcement

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

Bentley Systems Profile

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.