Norges Bank Invests $68.77 Million in Bentley Systems, Incorporated $BSY

Norges Bank purchased a new position in Bentley Systems, Incorporated (NASDAQ:BSY) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,801,802 shares of the company’s stock, valued at approximately $68,766,000. Norges Bank owned about 0.62% of Bentley Systems as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the business. Geneos Wealth Management Inc. lifted its position in Bentley Systems by 1,529.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 668 shares of the company’s stock valued at $26,000 after purchasing an additional 627 shares during the last quarter. Pekao Towarzystwo Funduszy Inwestycyjnych S.A. bought a new stake in Bentley Systems in the 4th quarter valued at about $34,000. National Pension Service lifted its position in Bentley Systems by 63.0% in the 4th quarter. National Pension Service now owns 880 shares of the company’s stock valued at $34,000 after purchasing an additional 340 shares during the last quarter. Global Retirement Partners LLC lifted its position in Bentley Systems by 63.7% in the 4th quarter. Global Retirement Partners LLC now owns 889 shares of the company’s stock valued at $34,000 after purchasing an additional 346 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new stake in Bentley Systems in the 3rd quarter valued at about $37,000. 44.16% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. BMO Capital Markets reiterated an “outperform” rating on shares of Bentley Systems in a research report on Monday, March 2nd. Mizuho cut their price objective on shares of Bentley Systems from $50.00 to $45.00 and set an “outperform” rating on the stock in a research report on Friday, May 8th. 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 research report on Friday, February 27th. Bank of America assumed coverage on shares of Bentley Systems in a research report on Tuesday, May 12th. They issued a “buy” rating and a $40.00 price objective on the stock. Finally, Zacks Research downgraded shares of Bentley Systems from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 21st. Nine equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $47.00.

Bentley Systems Stock Down 0.4%

BSY stock opened at $32.93 on Friday. Bentley Systems, Incorporated has a 52 week low of $30.52 and a 52 week high of $59.25. The company has a market capitalization of $9.62 billion, a price-to-earnings ratio of 37.42, a price-to-earnings-growth ratio of 2.13 and a beta of 1.00. The firm’s 50-day moving average is $33.48 and its two-hundred day moving average is $36.56. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.91.

Bentley Systems (NASDAQ:BSY) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Bentley Systems had a net margin of 18.12% and a return on equity of 28.65%. The company had revenue of $424.18 million for the quarter, compared to the consensus estimate of $419.80 million. During the same period in the previous year, the firm earned $0.35 EPS. Bentley Systems’s revenue was up 14.5% on a year-over-year basis. On average, analysts forecast that Bentley Systems, Incorporated will post 1.19 earnings per share for the current fiscal year.

Bentley Systems Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 11th. Shareholders of record on Tuesday, June 2nd will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Tuesday, June 2nd. Bentley Systems’s payout ratio is 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.