Needham Investment Management LLC Invests $2.13 Million in Bentley Systems, Incorporated (NASDAQ:BSY)

Needham Investment Management LLC purchased a new stake in shares of Bentley Systems, Incorporated (NASDAQ:BSY) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 42,000 shares of the company’s stock, valued at approximately $2,134,000.

Several other institutional investors and hedge funds have also modified their holdings of BSY. Clear Harbor Asset Management LLC boosted its holdings in shares of Bentley Systems by 1.5% during the 3rd quarter. Clear Harbor Asset Management LLC now owns 15,335 shares of the company’s stock worth $779,000 after buying an additional 220 shares during the period. Advisor OS LLC increased its stake in shares of Bentley Systems by 0.7% in the second quarter. Advisor OS LLC now owns 30,983 shares of the company’s stock worth $1,529,000 after purchasing an additional 226 shares during the period. Magnolia Capital Advisors LLC boosted its stake in Bentley Systems by 5.4% during the 2nd quarter. Magnolia Capital Advisors LLC now owns 4,895 shares of the company’s stock valued at $242,000 after purchasing an additional 249 shares during the period. GAMMA Investing LLC grew its holdings in Bentley Systems by 90.1% in the 2nd quarter. GAMMA Investing LLC now owns 576 shares of the company’s stock valued at $28,000 after buying an additional 273 shares during the last quarter. Finally, WR Wealth Planners LLC increased its position in Bentley Systems by 4.5% in the 2nd quarter. WR Wealth Planners LLC now owns 6,435 shares of the company’s stock worth $318,000 after buying an additional 275 shares during the period. Institutional investors and hedge funds own 44.16% of the company’s stock.

Bentley Systems Stock Performance

NASDAQ BSY opened at $49.47 on Wednesday. Bentley Systems, Incorporated has a twelve month low of $43.82 and a twelve month high of $57.19. 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 stock has a market cap of $14.38 billion, a P/E ratio of 44.57, a PEG ratio of 4.27 and a beta of 1.03. The company’s 50-day simple moving average is $49.20 and its 200 day simple moving average is $49.66.

Bentley Systems (NASDAQ:BSY) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.24 earnings per share for the quarter, meeting the consensus estimate of $0.24. The company had revenue of $335.17 million for the quarter, compared to analyst estimates of $340.36 million. Bentley Systems had a return on equity of 29.50% and a net margin of 27.73%. The company’s revenue was up 9.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.18 EPS. As a group, research analysts forecast that Bentley Systems, Incorporated will post 0.88 earnings per share for the current fiscal 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 issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.49%. Bentley Systems’s payout ratio is presently 21.62%.

Insider Activity

In other news, Director Barry J. Bentley sold 50,000 shares of Bentley Systems stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $50.20, for a total value of $2,510,000.00. Following the completion of the transaction, the director now owns 12,298,230 shares in the company, valued at approximately $617,371,146. The trade was a 0.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last quarter, insiders have sold 234,987 shares of company stock worth $11,667,821. Corporate insiders own 21.12% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on BSY shares. Royal Bank of Canada reissued an “outperform” rating and issued a $61.00 price objective on shares of Bentley Systems in a research report on Wednesday, August 7th. Piper Sandler increased their price target on shares of Bentley Systems from $63.00 to $65.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Rosenblatt Securities restated a “buy” rating and set a $62.00 price objective on shares of Bentley Systems in a report on Friday, November 8th. Finally, The Goldman Sachs Group reduced their target price on shares of Bentley Systems from $57.00 to $50.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.50.

Bentley Systems Company 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.