Bentley Systems, Incorporated $BSY Shares Newly Bought by TenCore Partners LP

TenCore Partners LP bought a new position in Bentley Systems, Incorporated (NASDAQ:BSY) during the third quarter, according to its most recent 13F filing with the SEC. The fund bought 205,253 shares of the company’s stock, valued at approximately $6,558,000. Bentley Systems comprises about 5.4% of TenCore Partners LP’s holdings, making the stock its 9th largest position. TenCore Partners LP owned about 0.07% of Bentley Systems at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in BSY. New York Life Investment Management LLC lifted its holdings in shares of Bentley Systems by 18.6% in the 3rd quarter. New York Life Investment Management LLC now owns 29,168 shares of the company’s stock valued at $932,000 after acquiring an additional 4,583 shares during the last quarter. Retirement Systems of Alabama increased its stake in Bentley Systems by 6.9% during the third quarter. Retirement Systems of Alabama now owns 164,843 shares of the company’s stock worth $5,267,000 after acquiring an additional 10,670 shares during the last quarter. Fulcrum Asset Management LLP bought a new stake in Bentley Systems during the third quarter worth approximately $949,000. Ethic Inc. raised its position in Bentley Systems by 47.0% during the third quarter. Ethic Inc. now owns 11,111 shares of the company’s stock valued at $355,000 after purchasing an additional 3,550 shares during the period. Finally, Pictet Asset Management Holding SA raised its position in 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 valued at $167,260,000 after purchasing an additional 867,821 shares during the period. 44.16% of the stock is currently owned by hedge funds and other institutional investors.

Bentley Systems Stock Down 0.4%

Shares of NASDAQ:BSY opened at $45.24 on Wednesday. The stock has a market cap of $13.16 billion, a P/E ratio of 44.35, a price-to-earnings-growth ratio of 2.82 and a beta of 0.98. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.90. Bentley Systems, Incorporated has a 52-week low of $28.08 and a 52-week high of $48.17. The business’s 50 day moving average is $35.94 and its 200 day moving average is $34.58.

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

Bentley Systems Announces Dividend

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

Insider Activity

In other Bentley Systems news, Director Raymond Bentley sold 500,000 shares of the firm’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 sale, the director owned 13,816,404 shares of the company’s stock, valued at approximately $642,048,293.88. This trade represents a 3.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Werner Andre sold 10,000 shares of the business’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 sale, the chief financial officer owned 367,843 shares in the company, valued at $16,552,935. The trade was a 2.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,010,000 shares of company stock worth $43,774,565 over the last ninety days. 20.27% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Cantor Fitzgerald raised their price objective on Bentley Systems from $42.00 to $55.00 and gave the company an “overweight” rating in a research note on Friday, November 6th. Oppenheimer increased their price target on Bentley Systems from $43.00 to $52.00 and gave the company an “outperform” rating in a report on Friday. Piper Sandler restated an “overweight” rating and set a $45.00 price target on shares of Bentley Systems in a report on Friday, August 7th. Weiss Ratings upgraded Bentley Systems from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, October 19th. Finally, BMO Capital Markets lifted their price objective on shares of Bentley Systems from $41.00 to $43.00 and gave the stock an “outperform” rating in a research note on Friday, August 7th. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Bentley Systems has a consensus rating of “Moderate Buy” and a consensus target price of $46.67.

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.