Fred Alger Management LLC Sells 50,487 Shares of Bentley Systems, Incorporated (NASDAQ:BSY)

Fred Alger Management LLC decreased its holdings in shares of Bentley Systems, Incorporated (NASDAQ:BSY – Get Rating) by 11.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 379,808 shares of the company’s stock after selling 50,487 shares during the period. Fred Alger Management LLC’s holdings in Bentley Systems were worth $11,618,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in BSY. Kayne Anderson Rudnick Investment Management LLC raised its position in Bentley Systems by 21.5% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 11,707,419 shares of the company’s stock valued at $389,857,000 after purchasing an additional 2,068,341 shares in the last quarter. Brown Advisory Inc. raised its position in Bentley Systems by 2,555.8% during the second quarter. Brown Advisory Inc. now owns 1,170,693 shares of the company’s stock valued at $38,985,000 after purchasing an additional 1,126,613 shares in the last quarter. Raymond James & Associates raised its position in Bentley Systems by 295.8% during the third quarter. Raymond James & Associates now owns 940,500 shares of the company’s stock valued at $28,770,000 after purchasing an additional 702,875 shares in the last quarter. Creative Planning raised its position in Bentley Systems by 5,923.7% during the second quarter. Creative Planning now owns 568,400 shares of the company’s stock valued at $18,928,000 after purchasing an additional 558,964 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in Bentley Systems by 1.8% during the third quarter. Vanguard Group Inc. now owns 19,845,069 shares of the company’s stock valued at $607,061,000 after purchasing an additional 353,032 shares in the last quarter. Institutional investors own 36.12% of the company’s stock.

Bentley Systems Stock Up 2.8 %

BSY opened at $40.00 on Wednesday. The company has a market cap of $11.15 billion, a P/E ratio of 72.73, a P/E/G ratio of 7.12 and a beta of 1.19. The business’s 50-day moving average price is $39.35 and its 200-day moving average price is $37.06. The company has a current ratio of 0.66, a quick 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.

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

Bentley Systems Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 7th. Investors of record on Tuesday, February 21st were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date was Friday, February 17th. This is an increase from Bentley Systems’s previous quarterly dividend of $0.03. Bentley Systems’s payout ratio is currently 36.36%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on BSY shares. Oppenheimer raised their price target on Bentley Systems from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, March 1st. Royal Bank of Canada raised their price target on Bentley Systems from $44.00 to $47.00 and gave the company an “outperform” rating in a research report on Wednesday, March 1st. Rosenblatt Securities restated a “buy” rating and set a $39.00 price target on shares of Bentley Systems in a research report on Tuesday, February 28th. Mizuho lifted their price objective on Bentley Systems from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, December 8th. Finally, KeyCorp lifted their price objective on Bentley Systems from $45.00 to $47.00 and gave the stock an “overweight” rating in a report on Wednesday, March 1st. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $46.56.

Insider Activity at Bentley Systems

In related news, Director Kirk B. Griswold sold 35,000 shares of the business’s stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $36.82, for a total transaction of $1,288,700.00. Following the transaction, the director now owns 502,204 shares in the company, valued at approximately $18,491,151.28. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Kirk B. Griswold sold 35,000 shares of the business’s stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $36.82, for a total transaction of $1,288,700.00. Following the transaction, the director now owns 502,204 shares in the company, valued at approximately $18,491,151.28. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 sale, the insider now directly owns 703,820 shares in the company, valued at $28,856,620. The disclosure for this sale can be found here. Insiders have sold a total of 90,822 shares of company stock worth $3,443,608 in the last 90 days. Company insiders own 22.53% of the company’s stock.

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.