Bridgewater Associates LP Buys 33,344 Shares of Bentley Systems, Incorporated (NASDAQ:BSY)

Bridgewater Associates LP raised its position in shares of Bentley Systems, Incorporated (NASDAQ:BSY) by 6.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 556,684 shares of the company’s stock after acquiring an additional 33,344 shares during the quarter. Bridgewater Associates LP owned about 0.19% of Bentley Systems worth $28,285,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Allspring Global Investments Holdings LLC raised its holdings in Bentley Systems by 4,618.2% during the second quarter. Allspring Global Investments Holdings LLC now owns 519 shares of the company’s stock worth $26,000 after buying an additional 508 shares during the last quarter. GAMMA Investing LLC boosted its stake in Bentley Systems by 90.1% during the 2nd quarter. GAMMA Investing LLC now owns 576 shares of the company’s stock valued at $28,000 after purchasing an additional 273 shares during the last quarter. Blue Trust Inc. increased its holdings in Bentley Systems by 68,500.0% during the 2nd quarter. Blue Trust Inc. now owns 686 shares of the company’s stock worth $36,000 after purchasing an additional 685 shares in the last quarter. Central Pacific Bank Trust Division raised its stake in shares of Bentley Systems by 57.1% in the third quarter. Central Pacific Bank Trust Division now owns 759 shares of the company’s stock worth $39,000 after purchasing an additional 276 shares during the last quarter. Finally, Tortoise Investment Management LLC lifted its holdings in shares of Bentley Systems by 75.4% in the second quarter. Tortoise Investment Management LLC now owns 833 shares of the company’s stock valued at $41,000 after purchasing an additional 358 shares in the last quarter. 44.16% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BSY has been the subject of a number of analyst reports. Royal Bank of Canada reissued an “outperform” rating and issued a $61.00 price target on shares of Bentley Systems in a research report on Wednesday, August 7th. The Goldman Sachs Group reduced their target price on Bentley Systems from $57.00 to $50.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Piper Sandler raised their target price on Bentley Systems from $63.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $62.00 price target on shares of Bentley Systems in a report on Friday, November 8th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Bentley Systems has a consensus rating of “Moderate Buy” and an average price target of $59.50.

Bentley Systems Price Performance

Shares of Bentley Systems stock opened at $49.18 on Thursday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 1.37. The business has a 50 day moving average of $49.27 and a 200 day moving average of $49.87. The company has a market cap of $14.30 billion, a PE ratio of 44.31, a P/E/G ratio of 4.24 and a beta of 1.04. Bentley Systems, Incorporated has a 52 week low of $43.82 and a 52 week high of $57.19.

Bentley Systems (NASDAQ:BSY) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.24 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.24. Bentley Systems had a net margin of 27.73% and a return on equity of 29.50%. The business had revenue of $335.17 million for the quarter, compared to analysts’ expectations of $340.36 million. During the same quarter in the prior year, the company earned $0.18 earnings per share. The business’s revenue was up 9.3% compared to the same quarter last year. As a group, equities research analysts forecast that Bentley Systems, Incorporated will post 0.88 earnings per share for the current year.

Bentley Systems Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, December 3rd will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend is Tuesday, December 3rd. Bentley Systems’s payout ratio is 21.62%.

Insiders Place Their Bets

In other news, Director Raymond B. Bentley sold 91,045 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $49.43, for a total transaction of $4,500,354.35. Following the transaction, the director now directly owns 16,598,656 shares of the company’s stock, valued at $820,471,566.08. This represents a 0.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Barry J. Bentley sold 50,000 shares of Bentley Systems stock in a transaction on Monday, October 28th. The stock was sold at an average price of $48.95, for a total value of $2,447,500.00. Following the completion of the sale, the director now directly owns 12,048,235 shares of the company’s stock, valued at $589,761,103.25. The trade was a 0.41 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 326,032 shares of company stock valued at $16,168,176. 21.12% of the stock is currently owned by corporate insiders.

Bentley Systems Profile

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.