California Public Employees Retirement System Reduces Stake in Bentley Systems, Incorporated $BSY

California Public Employees Retirement System reduced its stake in shares of Bentley Systems, Incorporated (NASDAQ:BSY) by 18.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 539,430 shares of the company’s stock after selling 123,169 shares during the quarter. California Public Employees Retirement System owned about 0.18% of Bentley Systems worth $29,113,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BSY. Vanguard Group Inc. increased its position in shares of Bentley Systems by 5.3% during the 1st quarter. Vanguard Group Inc. now owns 17,999,856 shares of the company’s stock valued at $708,114,000 after purchasing an additional 898,115 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Bentley Systems by 25.1% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 132,778 shares of the company’s stock worth $5,223,000 after buying an additional 26,600 shares during the period. Entropy Technologies LP increased its position in Bentley Systems by 3.3% during the first quarter. Entropy Technologies LP now owns 19,085 shares of the company’s stock valued at $751,000 after acquiring an additional 601 shares during the last quarter. Nuveen LLC bought a new position in Bentley Systems during the first quarter valued at $11,901,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Bentley Systems in the first quarter valued at $334,000. 44.16% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Bentley Systems in a research note on Wednesday, October 8th. Piper Sandler reduced their price objective on shares of Bentley Systems from $63.00 to $60.00 and set an “overweight” rating on the stock in a research report on Thursday, November 6th. Robert W. Baird decreased their price objective on shares of Bentley Systems from $64.00 to $62.00 and set an “outperform” rating for the company in a research note on Thursday, November 6th. Barclays started coverage on Bentley Systems in a research report on Tuesday, October 7th. They set an “equal weight” rating and a $57.00 target price for the company. Finally, JPMorgan Chase & Co. reduced their price target on Bentley Systems from $56.00 to $51.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $56.73.

Bentley Systems Price Performance

Bentley Systems stock opened at $40.91 on Thursday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.61. The stock has a market cap of $11.95 billion, a price-to-earnings ratio of 48.70, a price-to-earnings-growth ratio of 3.23 and a beta of 1.23. The firm has a 50-day moving average of $47.01 and a two-hundred day moving average of $51.16. Bentley Systems, Incorporated has a 1 year low of $36.51 and a 1 year high of $59.25.

Bentley Systems (NASDAQ:BSY) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.27 earnings per share for the quarter, meeting the consensus estimate of $0.27. Bentley Systems had a net margin of 18.45% and a return on equity of 28.16%. The firm had revenue of $375.55 million during the quarter, compared to the consensus estimate of $369.57 million. During the same quarter in the previous year, the firm posted $0.24 earnings per share. The company’s revenue was up 12.0% on a year-over-year basis. On average, research analysts forecast that Bentley Systems, Incorporated will post 0.88 earnings per share for the current year.

Bentley Systems Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 11th. Stockholders of record on Thursday, December 4th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, December 4th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.7%. Bentley Systems’s dividend payout ratio is presently 33.33%.

About Bentley Systems

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.