Bentley Systems (NASDAQ:BSY) Sets New 12-Month Low Following Analyst Downgrade

Bentley Systems, Incorporated (NASDAQ:BSY)’s share price hit a new 52-week low during mid-day trading on Thursday after Robert W. Baird lowered their price target on the stock from $60.00 to $59.00. Robert W. Baird currently has an outperform rating on the stock. Bentley Systems traded as low as $43.75 and last traded at $43.99, with a volume of 373842 shares traded. The stock had previously closed at $44.62.

A number of other brokerages have also recently issued reports on BSY. Oppenheimer cut shares of Bentley Systems from an “outperform” rating to a “market perform” rating in a research report on Thursday. Rosenblatt Securities restated a “buy” rating and set a $62.00 target price on shares of Bentley Systems in a report on Tuesday. Piper Sandler lowered their target price on Bentley Systems from $65.00 to $57.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Finally, JPMorgan Chase & Co. began coverage on shares of Bentley Systems in a research report on Monday, December 9th. They set a “neutral” rating and a $52.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $57.29.

Insider Activity at Bentley Systems

In other Bentley Systems news, Director Keith A. Bentley sold 69,573 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $46.67, for a total value of $3,246,971.91. Following the transaction, the director now directly owns 16,705,028 shares of the company’s stock, valued at approximately $779,623,656.76. This trade represents a 0.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 21.12% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bentley Systems

A number of hedge funds have recently added to or reduced their stakes in the stock. Swedbank AB raised its position in Bentley Systems by 24.2% in the 3rd quarter. Swedbank AB now owns 5,134,295 shares of the company’s stock valued at $260,874,000 after buying an additional 1,000,000 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Bentley Systems by 94.8% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 11,499 shares of the company’s stock valued at $584,000 after purchasing an additional 5,596 shares in the last quarter. Diversify Wealth Management LLC grew its position in Bentley Systems by 2.2% in the 3rd quarter. Diversify Wealth Management LLC now owns 20,192 shares of the company’s stock worth $993,000 after purchasing an additional 428 shares in the last quarter. Stephens Inc. AR increased its stake in Bentley Systems by 14.4% in the 3rd quarter. Stephens Inc. AR now owns 8,971 shares of the company’s stock valued at $456,000 after buying an additional 1,130 shares during the last quarter. Finally, Conestoga Capital Advisors LLC increased its stake in Bentley Systems by 32.0% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 8,385 shares of the company’s stock valued at $426,000 after buying an additional 2,035 shares during the last quarter. Institutional investors and hedge funds own 44.16% of the company’s stock.

Bentley Systems Stock Performance

The company’s 50-day simple moving average is $46.61 and its 200 day simple moving average is $48.36. The stock has a market cap of $12.83 billion, a P/E ratio of 39.80, a PEG ratio of 3.52 and a beta of 1.03. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 1.37.

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.