NewEdge Wealth LLC Sells 37,959 Shares of Bentley Systems, Incorporated $BSY

NewEdge Wealth LLC trimmed its position in Bentley Systems, Incorporated (NASDAQ:BSY) by 35.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 67,725 shares of the company’s stock after selling 37,959 shares during the quarter. NewEdge Wealth LLC’s holdings in Bentley Systems were worth $2,378,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Pictet Asset Management Holding SA raised its stake in shares of Bentley Systems by 150.9% in the 1st quarter. Pictet Asset Management Holding SA now owns 4,661,346 shares of the company’s stock valued at $163,703,000 after buying an additional 2,803,241 shares in the last quarter. Norges Bank acquired a new position in Bentley Systems in the fourth quarter worth about $68,766,000. Swedbank AB lifted its stake in Bentley Systems by 18.5% during the fourth quarter. Swedbank AB now owns 8,589,201 shares of the company’s stock worth $327,807,000 after purchasing an additional 1,338,706 shares during the period. Madison Asset Management LLC bought a new stake in shares of Bentley Systems in the 1st quarter valued at approximately $34,466,000. Finally, Invesco Ltd. lifted its position in shares of Bentley Systems by 246.4% during the 4th quarter. Invesco Ltd. now owns 1,366,990 shares of the company’s stock worth $52,171,000 after buying an additional 972,409 shares during the period. Institutional investors and hedge funds own 44.16% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Zacks Research lowered Bentley Systems from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 21st. Piper Sandler raised shares of Bentley Systems from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $42.00 to $45.00 in a report on Friday, May 8th. Barclays decreased their price objective on shares of Bentley Systems from $49.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Friday, May 29th. BMO Capital Markets set a $41.00 target price on Bentley Systems in a report on Friday. Finally, UBS Group cut their price objective on Bentley Systems from $43.00 to $40.00 and set a “neutral” rating for the company in a research report on Monday, May 4th. Nine investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Bentley Systems presently has a consensus rating of “Hold” and an average target price of $45.00.

Bentley Systems Stock Performance

BSY stock opened at $31.40 on Friday. The company has a 50 day moving average price of $31.61 and a 200 day moving average price of $34.22. Bentley Systems, Incorporated has a fifty-two week low of $28.08 and a fifty-two week high of $59.25. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.51 and a quick ratio of 0.51. The stock has a market capitalization of $9.18 billion, a PE ratio of 35.68, a price-to-earnings-growth ratio of 2.02 and a beta of 1.00.

Bentley Systems (NASDAQ:BSY) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. The firm had revenue of $424.18 million for the quarter, compared to analyst estimates of $419.80 million. Bentley Systems had a return on equity of 28.65% and a net margin of 18.12%.The business’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period last year, the company earned $0.35 EPS. Analysts forecast that Bentley Systems, Incorporated will post 1.2 EPS for the current year.

Bentley Systems Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Tuesday, June 2nd were given a dividend of $0.07 per share. The ex-dividend date was Tuesday, June 2nd. This represents a $0.28 dividend on an annualized basis and a yield of 0.9%. Bentley Systems’s dividend payout ratio 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.