Renaissance Technologies LLC Raises Stake in Bentley Systems, Incorporated (NASDAQ:BSY)

Renaissance Technologies LLC grew its stake in Bentley Systems, Incorporated (NASDAQ:BSY – Get Rating) by 25.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 308,300 shares of the company’s stock after acquiring an additional 62,400 shares during the quarter. Renaissance Technologies LLC’s holdings in Bentley Systems were worth $9,431,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Bentley Systems during the 1st quarter valued at approximately $241,000. US Bancorp DE lifted its stake in shares of Bentley Systems by 250.8% in the 1st 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 holdings in shares of Bentley Systems by 96.7% during the 1st quarter. HighTower Advisors LLC now owns 10,401 shares of the company’s stock worth $459,000 after purchasing an additional 5,114 shares during the period. Citigroup Inc. increased its position in shares of Bentley Systems by 31.2% during the 1st quarter. Citigroup Inc. now owns 71,746 shares of the company’s stock worth $3,170,000 after purchasing an additional 17,080 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in Bentley Systems by 315.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,226 shares of the company’s stock valued at $55,000 after buying an additional 931 shares during the period. Hedge funds and other institutional investors own 36.12% of the company’s stock.

Analyst Ratings Changes

BSY has been the subject of several research analyst reports. Royal Bank of Canada increased their target price on shares of Bentley Systems from $44.00 to $47.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 1st. KeyCorp lifted their target price on shares of Bentley Systems from $45.00 to $47.00 and gave the company an “overweight” rating in a report on Wednesday, March 1st. Oppenheimer upped their price target on Bentley Systems from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 1st. The Goldman Sachs Group upgraded Bentley Systems from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $38.00 to $44.00 in a report on Wednesday, November 9th. Finally, Mizuho raised their target price on Bentley Systems from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, December 8th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $46.56.

Insider Transactions at Bentley Systems

In other news, insider David R. Shaman sold 5,712 shares of the firm’s stock in a transaction dated Thursday, February 2nd. The stock was sold at an average price of $41.00, for a total transaction of $234,192.00. Following the sale, the insider now owns 703,820 shares of the company’s stock, valued at approximately $28,856,620. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Bentley Systems news, CEO Gregory S. Bentley sold 50,110 shares of the firm’s stock in a transaction dated Tuesday, January 24th. The stock was sold at an average price of $38.33, for a total transaction of $1,920,716.30. Following the transaction, the chief executive officer now owns 8,297,842 shares of the company’s stock, valued at $318,056,283.86. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider David R. Shaman sold 5,712 shares of the business’s stock in a transaction dated 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 directly owns 703,820 shares of the company’s stock, valued at $28,856,620. The disclosure for this sale can be found here. In the last ninety days, insiders sold 90,822 shares of company stock valued at $3,443,608. 22.53% of the stock is currently owned by corporate insiders.

Bentley Systems Stock Down 3.5 %

BSY stock opened at $40.98 on Tuesday. The company’s 50 day moving average price is $39.02 and its 200 day moving average price is $37.01. The firm has a market capitalization of $11.43 billion, a price-to-earnings ratio of 74.51, a PEG ratio of 7.90 and a beta of 1.19. Bentley Systems, Incorporated has a fifty-two week low of $26.32 and a fifty-two week high of $45.70. The company has a debt-to-equity ratio of 3.10, a quick ratio of 0.66 and a current ratio of 0.66.

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

Bentley Systems Increases Dividend

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

Bentley Systems Company Profile

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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.