Madison Asset Management LLC Takes Position in Bentley Systems, Incorporated $BSY

Madison Asset Management LLC acquired a new stake in shares of Bentley Systems, Incorporated (NASDAQ:BSY) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,365,230 shares of the company’s stock, valued at approximately $40,807,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BSY. Cresset Asset Management LLC grew its position in Bentley Systems by 6.5% in the 3rd quarter. Cresset Asset Management LLC now owns 4,882 shares of the company’s stock worth $251,000 after purchasing an additional 296 shares during the period. Public Employees Retirement System of Ohio lifted its holdings in shares of Bentley Systems by 0.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 49,175 shares of the company’s stock valued at $2,532,000 after buying an additional 305 shares during the period. Lansforsakringar Fondforvaltning AB publ lifted its holdings in shares of Bentley Systems by 0.7% during the 4th quarter. Lansforsakringar Fondforvaltning AB publ now owns 50,048 shares of the company’s stock valued at $1,910,000 after buying an additional 326 shares during the period. National Pension Service lifted its holdings in shares of Bentley Systems by 63.0% during the 4th quarter. National Pension Service now owns 880 shares of the company’s stock valued at $34,000 after buying an additional 340 shares during the period. Finally, Global Retirement Partners LLC boosted its stake in shares of Bentley Systems by 63.7% in the 4th quarter. Global Retirement Partners LLC now owns 889 shares of the company’s stock worth $34,000 after buying an additional 346 shares during the last quarter. Hedge funds and other institutional investors own 44.16% of the company’s stock.

Bentley Systems Trading Up 3.7%

Shares of Bentley Systems stock opened at $35.92 on Thursday. The company’s fifty day simple moving average is $32.52 and its 200-day simple moving average is $33.79. The stock has a market capitalization of $10.44 billion, a PE ratio of 39.47, a P/E/G ratio of 2.20 and a beta of 0.98. Bentley Systems, Incorporated has a 1-year low of $28.08 and a 1-year high of $57.25. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.59 and a quick ratio of 0.59.

Bentley Systems (NASDAQ:BSY) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.03. The firm had revenue of $410.73 million during the quarter, compared to the consensus estimate of $412.12 million. Bentley Systems had a net margin of 18.10% and a return on equity of 28.43%. The company’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.32 EPS. As a group, equities analysts anticipate that Bentley Systems, Incorporated will post 1.19 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on BSY shares. BNP Paribas Exane started coverage on Bentley Systems in a report on Thursday, June 18th. They issued an “outperform” rating and a $40.00 price objective for the company. UBS Group lowered their target price on Bentley Systems from $43.00 to $40.00 and set a “neutral” rating on the stock in a report on Monday, May 4th. Bank of America initiated coverage on Bentley Systems in a research report on Tuesday, May 12th. They issued a “buy” rating and a $40.00 target price on the stock. BMO Capital Markets boosted their price target on Bentley Systems from $41.00 to $43.00 and gave the company an “outperform” rating in a research note on Friday, August 7th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $45.00 price target on shares of Bentley Systems in a research report on Friday, August 7th. Nine research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $45.00.

About Bentley Systems

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.