Ergoteles LLC Purchases Shares of 6,800 Bentley Systems, Incorporated (NASDAQ:BSY)

Ergoteles LLC acquired a new stake in shares of Bentley Systems, Incorporated (NASDAQ:BSY – Get Rating) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 6,800 shares of the company’s stock, valued at approximately $208,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Bentley Systems during the first quarter worth $241,000. US Bancorp DE grew its position in shares of Bentley Systems by 250.8% in the first quarter. US Bancorp DE now owns 4,806 shares of the company’s stock valued at $213,000 after purchasing an additional 3,436 shares during the last quarter. HighTower Advisors LLC grew its position in shares of Bentley Systems by 96.7% in the first quarter. HighTower Advisors LLC now owns 10,401 shares of the company’s stock valued at $459,000 after purchasing an additional 5,114 shares during the last quarter. Citigroup Inc. grew its position in shares of Bentley Systems by 31.2% in the first quarter. Citigroup Inc. now owns 71,746 shares of the company’s stock valued at $3,170,000 after purchasing an additional 17,080 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its position in shares of Bentley Systems by 315.6% in the first quarter. PNC Financial Services Group Inc. now owns 1,226 shares of the company’s stock valued at $55,000 after purchasing an additional 931 shares during the last quarter. Institutional investors and hedge funds own 36.12% of the company’s stock.

Bentley Systems Stock Down 3.5 %

Shares of BSY opened at $40.98 on Tuesday. The stock has a market cap of $11.43 billion, a price-to-earnings ratio of 74.51, a P/E/G ratio of 7.90 and a beta of 1.19. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 3.10. Bentley Systems, Incorporated has a 12 month low of $26.32 and a 12 month high of $45.70. The company has a 50-day moving average price of $39.02 and a two-hundred day moving average price of $37.01.

Bentley Systems (NASDAQ:BSY – Get Rating) last posted its earnings results on Tuesday, February 28th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. Bentley Systems had a net margin of 15.90% and a return on equity of 41.48%. The company had revenue of $287.00 million during the quarter, compared to analysts’ expectations of $280.85 million. During the same quarter in the previous year, the company posted $0.18 earnings per share. Bentley Systems’s quarterly revenue was up 7.2% compared to the same quarter last year. Equities analysts predict that Bentley Systems, Incorporated will post 0.65 EPS for the current fiscal year.

Bentley Systems Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 7th. Stockholders of record on Tuesday, February 21st will be paid a $0.05 dividend. The ex-dividend date is Friday, February 17th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.49%. This is a boost from Bentley Systems’s previous quarterly dividend of $0.03. Bentley Systems’s payout ratio is 36.36%.

Analyst Ratings Changes

BSY has been the topic of several research analyst reports. Rosenblatt Securities reaffirmed a “buy” rating and issued a $39.00 price target on shares of Bentley Systems in a research report on Tuesday, February 28th. The Goldman Sachs Group upgraded shares of Bentley Systems from a “neutral” rating to a “buy” rating and increased their target price for the company from $38.00 to $44.00 in a research note on Wednesday, November 9th. Mizuho increased their target price on shares of Bentley Systems from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, December 8th. KeyCorp increased their target price on shares of Bentley Systems from $45.00 to $47.00 and gave the company an “overweight” rating in a research note on Wednesday, March 1st. Finally, Oppenheimer increased their target price on shares of Bentley Systems from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, March 1st. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Bentley Systems presently has a consensus rating of “Moderate Buy” and an average price target of $46.56.

Insider Activity

In other news, insider David R. Shaman sold 5,712 shares of Bentley Systems stock in a transaction that occurred on Thursday, February 2nd. The shares were sold at an average price of $41.00, for a total value of $234,192.00. Following the completion of the transaction, the insider now owns 703,820 shares in the company, valued at $28,856,620. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider David R. Shaman sold 5,712 shares of the firm’s stock in a transaction that occurred on Thursday, February 2nd. The shares were sold at an average price of $41.00, for a total value of $234,192.00. Following the completion of the sale, the insider now owns 703,820 shares of the company’s stock, valued at $28,856,620. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Kirk B. Griswold sold 35,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 3rd. The shares were sold at an average price of $36.82, for a total transaction of $1,288,700.00. Following the completion of the sale, the director now directly owns 502,204 shares of the company’s stock, valued at approximately $18,491,151.28. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 90,822 shares of company stock worth $3,443,608. Insiders own 22.53% of the company’s stock.

About Bentley Systems

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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 and open simulation applications for infrastructure design integration, which include MicroStation, OpenRoads, OpenRail, OpenPlant, OpenBuildings, OpenBridge, OpenSite, OpenFlows, STAAD and RAM, SACS, MOSES, AutoPIPE, SITEOPS, CUBE, DYNAMEQ, EMME, and LEGION; and geoprofessional applications for modeling and simulation of near and deep subsurface conditions, including Leapfrog, AGS Workbench, GeoStudio, Imago, MX Deposit, Oasis montaj, PLAXIS, and OpenGround.