TimesSquare Capital Management LLC Decreases Stake in Bentley Systems, Incorporated $BSY

TimesSquare Capital Management LLC lowered its position in Bentley Systems, Incorporated (NASDAQ:BSY) by 3.1% in the fourth quarter, Holdings Channel reports. The fund owned 951,055 shares of the company’s stock after selling 30,320 shares during the period. TimesSquare Capital Management LLC’s holdings in Bentley Systems were worth $36,297,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. AGF Management Ltd. lifted its stake in Bentley Systems by 64.2% in the third quarter. AGF Management Ltd. now owns 180,633 shares of the company’s stock worth $9,299,000 after acquiring an additional 70,650 shares during the last quarter. Rakuten Investment Management Inc. acquired a new stake in Bentley Systems during the third quarter worth approximately $4,305,000. Baillie Gifford & Co. raised its holdings in Bentley Systems by 54,633.0% during the fourth quarter. Baillie Gifford & Co. now owns 298,295 shares of the company’s stock worth $11,384,000 after purchasing an additional 297,750 shares in the last quarter. Bessemer Group Inc. raised its holdings in Bentley Systems by 27.4% during the third quarter. Bessemer Group Inc. now owns 2,486,139 shares of the company’s stock worth $127,986,000 after purchasing an additional 534,776 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in Bentley Systems by 5.7% during the third quarter. Envestnet Asset Management Inc. now owns 954,867 shares of the company’s stock worth $49,157,000 after purchasing an additional 51,883 shares in the last quarter. Hedge funds and other institutional investors own 44.16% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on BSY shares. BMO Capital Markets reissued an “outperform” rating on shares of Bentley Systems in a report on Monday, March 2nd. Rosenblatt Securities cut their price objective on shares of Bentley Systems from $58.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. Zacks Research raised shares of Bentley Systems from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 22nd. Piper Sandler raised shares of Bentley Systems from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $42.00 to $45.00 in a report on Friday, May 8th. Finally, Oppenheimer cut their price objective on shares of Bentley Systems from $53.00 to $43.00 and set an “outperform” rating on the stock in a report on Friday, February 27th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $47.69.

Bentley Systems Stock Performance

Shares of Bentley Systems stock opened at $33.31 on Tuesday. The firm’s fifty day simple moving average is $34.88 and its 200-day simple moving average is $37.88. The stock has a market capitalization of $9.74 billion, a price-to-earnings ratio of 37.85, a PEG ratio of 2.02 and a beta of 1.01. Bentley Systems, Incorporated has a 12 month low of $30.52 and a 12 month high of $59.25. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.51 and a quick ratio of 0.51.

Bentley Systems (NASDAQ:BSY) last announced its earnings results on Thursday, May 7th. The company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. The business had revenue of $424.18 million for the quarter, compared to analysts’ expectations of $419.80 million. Bentley Systems had a net margin of 18.12% and a return on equity of 28.65%. The company’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.35 EPS. As a group, equities analysts forecast that Bentley Systems, Incorporated will post 1.23 earnings per share for the current year.

Bentley Systems Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 19th. Stockholders of record on Tuesday, March 10th were issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Tuesday, March 10th. Bentley Systems’s payout ratio is presently 31.82%.

Bentley Systems Profile

Bentley Systems, Inc is a global software provider specializing in infrastructure engineering applications for the design, construction, and operations of roads, bridges, rail and transit systems, water and wastewater networks, power plants and grids, industrial facilities, and communications infrastructure. Founded in 1984 by brothers Keith and Barry Bentley, the company is headquartered in Exton, Pennsylvania, and maintains offices and development centers across North America, Europe, Asia, and Australia.