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Research Analysts Offer Predictions for Bentley Systems, Incorporated's FY2023 Earnings (NASDAQ:BSY)

Defense World · Jan 27, 2023 03:37

Bentley Systems, Incorporated (NASDAQ:BSY – Get Rating) – Stock analysts at Oppenheimer cut their FY2023 earnings estimates for shares of Bentley Systems in a research note issued to investors on Tuesday, January 24th. Oppenheimer analyst K. Owen now expects that the company will post earnings per share of $0.64 for the year, down from their prior estimate of $0.73. Oppenheimer has a "Outperform" rating and a $48.00 price objective on the stock. The consensus estimate for Bentley Systems' current full-year earnings is $0.65 per share. Oppenheimer also issued estimates for Bentley Systems' FY2024 earnings at $0.73 EPS and FY2025 earnings at $0.83 EPS.

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Bentley Systems (NASDAQ:BSY – Get Rating) last released its quarterly earnings results on Tuesday, November 8th. The company reported $0.14 earnings per share for the quarter, beating analysts' consensus estimates of $0.13 by $0.01. Bentley Systems had a net margin of 17.37% and a return on equity of 49.27%. The business had revenue of $268.33 million for the quarter, compared to analysts' expectations of $268.93 million.

A number of other analysts have also recently weighed in on BSY. Mizuho raised their price target on shares of Bentley Systems from $40.00 to $45.00 and gave the company a "buy" rating in a report on Thursday, December 8th. Royal Bank of Canada lowered their price target on shares of Bentley Systems from $46.00 to $44.00 and set an "outperform" rating on the stock in a report on Friday, October 28th. Rosenblatt Securities lifted their target price on shares of Bentley Systems from $37.00 to $39.00 and gave the stock a "buy" rating in a research note on Wednesday, November 9th. Finally, The Goldman Sachs Group upgraded shares of Bentley Systems from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $38.00 to $44.00 in a research note on Wednesday, November 9th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $46.33.

Bentley Systems Stock Up 1.4 %

NASDAQ:BSY opened at $38.59 on Thursday. Bentley Systems has a fifty-two week low of $26.32 and a fifty-two week high of $45.70. The stock has a market capitalization of $10.68 billion, a P/E ratio of 65.41, a P/E/G ratio of 6.68 and a beta of 1.23. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.57 and a current ratio of 0.57. The company's 50-day simple moving average is $37.88 and its 200-day simple moving average is $36.58.

Hedge Funds Weigh In On Bentley Systems

Several institutional investors have recently made changes to their positions in the company. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Bentley Systems by 2.1% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 483,928 shares of the company's stock worth $14,803,000 after acquiring an additional 9,971 shares in the last quarter. Pictet Asset Management SA increased its holdings in Bentley Systems by 395.3% in the 2nd quarter. Pictet Asset Management SA now owns 401,516 shares of the company's stock worth $13,371,000 after acquiring an additional 320,453 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in Bentley Systems by 29.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 701,000 shares of the company's stock worth $23,343,000 after acquiring an additional 160,733 shares in the last quarter. FDx Advisors Inc. increased its holdings in Bentley Systems by 39.4% in the 2nd quarter. FDx Advisors Inc. now owns 43,813 shares of the company's stock worth $1,459,000 after acquiring an additional 12,392 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC increased its holdings in Bentley Systems by 21.5% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 11,707,419 shares of the company's stock worth $389,857,000 after acquiring an additional 2,068,341 shares in the last quarter. 36.12% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Bentley Systems news, CEO Gregory S. Bentley sold 50,110 shares of the firm's stock in a transaction that occurred on Tuesday, January 24th. The shares were sold at an average price of $38.33, for a total transaction of $1,920,716.30. Following the completion of the transaction, the chief executive officer now directly owns 8,297,842 shares of the company's stock, valued at approximately $318,056,283.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Kirk B. Griswold sold 35,000 shares of Bentley Systems stock in a transaction that occurred on Tuesday, January 3rd. The shares were sold at an average price of $36.82, for a total transaction of $1,288,700.00. Following the completion of the transaction, the director now directly owns 502,204 shares of the company's stock, valued at approximately $18,491,151.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Gregory S. Bentley sold 50,110 shares of Bentley Systems stock in a transaction that occurred on Tuesday, January 24th. The shares were sold at an average price of $38.33, for a total transaction of $1,920,716.30. Following the transaction, the chief executive officer now directly owns 8,297,842 shares of the company's stock, valued at $318,056,283.86. The disclosure for this sale can be found here. In the last ninety days, insiders sold 172,641 shares of company stock valued at $6,366,659. 22.53% of the stock is owned by insiders.

Bentley Systems Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 8th. Shareholders of record on Wednesday, November 30th were given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.31%. The ex-dividend date was Tuesday, November 29th. Bentley Systems's dividend payout ratio is presently 20.34%.

Bentley Systems Company Profile

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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 and open simulation applications for infrastructure design integration, which include MicroStation, OpenRoads, OpenRail, OpenPlant, OpenBuildings, OpenBridge, OpenSite, OpenFlows, STAAD and RAM, SACS, MOSES, AutoPIPE, SITEOPS, CUBE, DYNAMEQ, EMME, and LEGION; and geoprofessional applications for modeling and simulation of near and deep subsurface conditions, including Leapfrog, AGS Workbench, GeoStudio, Imago, MX Deposit, Oasis montaj, PLAXIS, and OpenGround.