Bentley Systems, Incorporated (NASDAQ:BSY) Short Interest Down 15.4% in June

Bentley Systems, Incorporated (NASDAQ:BSY) saw a large decline in short interest in the month of June. As of June 30th, there was short interest totalling 8,330,000 shares, a decline of 15.4% from the June 15th total of 9,850,000 shares. Approximately 6.4% of the shares of the company are short sold. Based on an average trading volume of 1,720,000 shares, the days-to-cover ratio is currently 4.8 days.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. William Blair assumed coverage on Bentley Systems in a research note on Thursday, March 28th. They set an “outperform” rating for the company. Piper Sandler reiterated an “overweight” rating and set a $63.00 price target (up previously from $60.00) on shares of Bentley Systems in a research note on Wednesday, May 8th. Rosenblatt Securities restated a “buy” rating and set a $60.00 target price on shares of Bentley Systems in a research note on Tuesday, April 30th. Finally, Mizuho increased their target price on Bentley Systems from $57.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Bentley Systems presently has an average rating of “Moderate Buy” and a consensus target price of $61.29.

Insiders Place Their Bets

In other Bentley Systems news, Director Keith A. Bentley sold 17,021 shares of the business’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $936,155.00. Following the completion of the transaction, the director now owns 17,150,752 shares in the company, valued at approximately $943,291,360. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Keith A. Bentley sold 17,021 shares of the company’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $936,155.00. Following the completion of the sale, the director now owns 17,150,752 shares in the company, valued at $943,291,360. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Keith A. Bentley sold 59,420 shares of the company’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $55.01, for a total value of $3,268,694.20. Following the sale, the director now directly owns 16,972,383 shares of the company’s stock, valued at $933,650,788.83. The disclosure for this sale can be found here. In the last quarter, insiders sold 195,390 shares of company stock worth $10,748,234. 21.12% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Private Trust Co. NA raised its holdings in Bentley Systems by 87.3% during the fourth quarter. Private Trust Co. NA now owns 545 shares of the company’s stock worth $28,000 after acquiring an additional 254 shares in the last quarter. GAMMA Investing LLC raised its holdings in Bentley Systems by 90.1% during the second quarter. GAMMA Investing LLC now owns 576 shares of the company’s stock worth $28,000 after acquiring an additional 273 shares in the last quarter. MJP Associates Inc. ADV raised its holdings in Bentley Systems by 3.9% during the fourth quarter. MJP Associates Inc. ADV now owns 7,346 shares of the company’s stock worth $383,000 after acquiring an additional 277 shares in the last quarter. Portside Wealth Group LLC raised its holdings in Bentley Systems by 2.8% during the fourth quarter. Portside Wealth Group LLC now owns 11,412 shares of the company’s stock worth $595,000 after acquiring an additional 308 shares in the last quarter. Finally, Dfpg Investments LLC raised its holdings in Bentley Systems by 2.0% during the fourth quarter. Dfpg Investments LLC now owns 17,821 shares of the company’s stock worth $930,000 after acquiring an additional 341 shares in the last quarter. 44.16% of the stock is owned by institutional investors and hedge funds.

Bentley Systems Price Performance

BSY stock traded down $0.49 during midday trading on Monday, reaching $49.44. 627,551 shares of the company’s stock traded hands, compared to its average volume of 1,373,624. The company has a 50-day simple moving average of $51.61 and a two-hundred day simple moving average of $51.01. Bentley Systems has a 1-year low of $44.76 and a 1-year high of $57.19. The company has a market cap of $14.26 billion, a price-to-earnings ratio of 46.21, a PEG ratio of 4.41 and a beta of 1.03. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.53.

Bentley Systems (NASDAQ:BSY) last released its earnings results on Tuesday, May 7th. The company reported $0.25 EPS for the quarter, beating the consensus estimate of $0.21 by $0.04. The company had revenue of $337.76 million during the quarter, compared to analysts’ expectations of $335.00 million. Bentley Systems had a return on equity of 32.62% and a net margin of 28.09%. On average, analysts anticipate that Bentley Systems will post 0.85 earnings per share for the current year.

Bentley Systems Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 13th. Shareholders of record on Tuesday, June 4th were paid a $0.06 dividend. The ex-dividend date of this dividend was Tuesday, June 4th. This represents a $0.24 dividend on an annualized basis and a yield of 0.49%. Bentley Systems’s payout ratio is 22.43%.

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.