TenCore Partners LP Buys 205,253 Shares of Bentley Systems, Incorporated $BSY

TenCore Partners LP bought a new position in Bentley Systems, Incorporated (NASDAQ:BSY) in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 205,253 shares of the company’s stock, valued at approximately $6,558,000. Bentley Systems comprises 5.4% of TenCore Partners LP’s portfolio, making the stock its 9th largest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. New York Life Investment Management LLC increased its holdings in shares of Bentley Systems by 18.6% in the third quarter. New York Life Investment Management LLC now owns 29,168 shares of the company’s stock valued at $932,000 after purchasing an additional 4,583 shares during the period. Retirement Systems of Alabama raised its stake in shares of Bentley Systems by 6.9% in the third quarter. Retirement Systems of Alabama now owns 164,843 shares of the company’s stock worth $5,267,000 after purchasing an additional 10,670 shares during the last quarter. Fulcrum Asset Management LLP purchased a new position in shares of Bentley Systems in the third quarter worth about $949,000. Ethic Inc. lifted its holdings in shares of Bentley Systems by 47.0% during the third quarter. Ethic Inc. now owns 11,111 shares of the company’s stock worth $355,000 after purchasing an additional 3,550 shares during the period. Finally, Pictet Asset Management Holding SA lifted its holdings in shares of Bentley Systems by 19.9% during the third quarter. Pictet Asset Management Holding SA now owns 5,235,307 shares of the company’s stock worth $167,260,000 after purchasing an additional 867,821 shares during the period. Hedge funds and other institutional investors own 44.16% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on BSY shares. BMO Capital Markets upped their target price on Bentley Systems from $41.00 to $43.00 and gave the company an “outperform” rating in a research report on Friday, August 7th. Weiss Ratings upgraded shares of Bentley Systems from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, October 19th. Rosenblatt Securities raised their price target on shares of Bentley Systems from $50.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, November 6th. Cantor Fitzgerald lifted their price objective on shares of Bentley Systems from $42.00 to $55.00 and gave the company an “overweight” rating in a research note on Friday, November 6th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $45.00 price objective on shares of Bentley Systems in a report on Friday, August 7th. Nine equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Bentley Systems currently has an average rating of “Moderate Buy” and an average target price of $46.67.

Insider Transactions at Bentley Systems

In related news, Director Raymond B. Bentley sold 500,000 shares of the company’s stock in a transaction dated Thursday, November 5th. The stock was sold at an average price of $46.47, for a total value of $23,235,000.00. Following the completion of the transaction, the director owned 13,816,404 shares of the company’s stock, valued at approximately $642,048,293.88. This represents a 3.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Werner Andre sold 10,000 shares of the company’s stock in a transaction dated Friday, November 6th. The stock was sold at an average price of $45.00, for a total value of $450,000.00. Following the completion of the transaction, the chief financial officer directly owned 367,843 shares of the company’s stock, valued at $16,552,935. The trade was a 2.65% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,010,000 shares of company stock worth $43,774,565 over the last 90 days. Insiders own 20.27% of the company’s stock.

Bentley Systems Stock Performance

Shares of NASDAQ BSY opened at $45.24 on Wednesday. The company has a market capitalization of $13.16 billion, a PE ratio of 44.35, a price-to-earnings-growth ratio of 2.82 and a beta of 0.98. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.65 and a current ratio of 0.65. The company’s fifty day moving average price is $35.94 and its 200 day moving average price is $34.58. Bentley Systems, Incorporated has a 1 year low of $28.08 and a 1 year high of $48.17.

Bentley Systems (NASDAQ:BSY) last released its quarterly earnings data on Thursday, November 5th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. The company had revenue of $421.51 million during the quarter, compared to analysts’ expectations of $420.69 million. Bentley Systems had a net margin of 19.57% and a return on equity of 29.99%. The firm’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.27 earnings per share. On average, research analysts predict that Bentley Systems, Incorporated will post 1.20 earnings per share for the current year.

Bentley Systems Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 22nd were given a dividend of $0.07 per share. The ex-dividend date was Tuesday, September 22nd. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.6%. Bentley Systems’s dividend payout ratio (DPR) is 27.45%.

Bentley Systems Profile

Bentley Systems develops software for professionals who design, build, and operate infrastructure. Its customers include engineering firms, architects, construction companies, and infrastructure owners and operators working on projects such as roads, railways, buildings, utilities, and industrial facilities. The company’s products support computer-aided design, project collaboration, infrastructure asset management, and digital twin development. Its software portfolio includes MicroStation for design and modeling, ProjectWise for project information management, and the iTwin platform for creating and working with digital representations of infrastructure assets.