Piper Sandler Cuts Bentley Systems (NASDAQ:BSY) Price Target to $57.00

Bentley Systems (NASDAQ:BSY) had its price objective decreased by Piper Sandler from $65.00 to $57.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s target price would suggest a potential upside of 22.79% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. JPMorgan Chase & Co. initiated coverage on shares of Bentley Systems in a research report on Monday, December 9th. They issued a “neutral” rating and a $52.00 price objective for the company. Rosenblatt Securities reissued a “buy” rating and set a $62.00 price target on shares of Bentley Systems in a research note on Friday, November 8th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.29.

Bentley Systems Trading Down 1.0 %

Shares of Bentley Systems stock opened at $46.42 on Wednesday. The business has a 50 day moving average price of $48.28 and a 200 day moving average price of $48.97. The company has a market capitalization of $13.49 billion, a P/E ratio of 41.82, a P/E/G ratio of 4.04 and a beta of 1.04. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.52 and a quick ratio of 0.52. Bentley Systems has a 1 year low of $43.82 and a 1 year high of $57.19.

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

Insider Activity

In related news, Director Keith A. Bentley sold 69,573 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $46.67, for a total value of $3,246,971.91. Following the transaction, the director now owns 16,705,028 shares in the company, valued at approximately $779,623,656.76. This trade represents a 0.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Barry J. Bentley sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $49.44, for a total transaction of $2,472,000.00. Following the sale, the director now owns 12,098,235 shares of the company’s stock, valued at approximately $598,136,738.40. This represents a 0.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 219,573 shares of company stock valued at $10,712,472 in the last ninety days. Company insiders own 21.12% of the company’s stock.

Hedge Funds Weigh In On Bentley Systems

A number of hedge funds have recently made changes to their positions in BSY. International Assets Investment Management LLC purchased a new position in Bentley Systems in the third quarter valued at about $59,400,000. Principal Financial Group Inc. raised its holdings in shares of Bentley Systems by 20.5% during the 3rd quarter. Principal Financial Group Inc. now owns 204,612 shares of the company’s stock valued at $10,396,000 after buying an additional 34,871 shares during the period. Needham Investment Management LLC acquired a new position in Bentley Systems during the 3rd quarter worth approximately $2,134,000. Mirabella Financial Services LLP boosted its holdings in Bentley Systems by 1,155.0% in the 3rd quarter. Mirabella Financial Services LLP now owns 100,800 shares of the company’s stock worth $5,018,000 after acquiring an additional 92,768 shares during the period. Finally, Montanaro Asset Management Ltd grew its position in Bentley Systems by 8.8% in the third quarter. Montanaro Asset Management Ltd now owns 331,416 shares of the company’s stock valued at $16,839,000 after acquiring an additional 26,741 shares in the last quarter. Hedge funds and other 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.