Panagora Asset Management Inc. Sells 3,255 Shares of Bentley Systems, Incorporated (NASDAQ:BSY)

Panagora Asset Management Inc. lowered its stake in shares of Bentley Systems, Incorporated (NASDAQ:BSY) by 26.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,865 shares of the company’s stock after selling 3,255 shares during the quarter. Panagora Asset Management Inc.’s holdings in Bentley Systems were worth $438,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC raised its position in shares of Bentley Systems by 4,618.2% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 519 shares of the company’s stock valued at $26,000 after buying an additional 508 shares in the last quarter. GAMMA Investing LLC raised its position in Bentley Systems by 90.1% during the second quarter. GAMMA Investing LLC now owns 576 shares of the company’s stock valued at $28,000 after purchasing an additional 273 shares in the last quarter. Blue Trust Inc. lifted its stake in Bentley Systems by 68,500.0% during the second quarter. Blue Trust Inc. now owns 686 shares of the company’s stock worth $36,000 after purchasing an additional 685 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its holdings in shares of Bentley Systems by 496.0% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 900 shares of the company’s stock valued at $47,000 after purchasing an additional 749 shares in the last quarter. Finally, Summit Securities Group LLC bought a new position in shares of Bentley Systems in the 2nd quarter valued at $58,000. Institutional investors own 44.16% of the company’s stock.

Wall Street Analysts Forecast Growth

BSY has been the subject of several recent analyst reports. Mizuho upped their price objective on Bentley Systems from $57.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Piper Sandler reissued an “overweight” rating and issued a $63.00 target price on shares of Bentley Systems in a report on Wednesday, August 7th. Rosenblatt Securities reaffirmed a “buy” rating and set a $62.00 price target on shares of Bentley Systems in a report on Wednesday, August 7th. The Goldman Sachs Group lowered their price objective on shares of Bentley Systems from $57.00 to $50.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $61.00 target price on shares of Bentley Systems in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $59.57.

Bentley Systems Stock Down 5.4 %

NASDAQ:BSY opened at $48.69 on Wednesday. Bentley Systems, Incorporated has a one year low of $43.82 and a one year high of $57.19. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.49 and a quick ratio of 0.49. The company has a market cap of $14.15 billion, a PE ratio of 45.51, a P/E/G ratio of 4.30 and a beta of 1.03. The firm’s 50 day simple moving average is $49.20 and its 200 day simple moving average is $50.76.

Bentley Systems (NASDAQ:BSY) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.08. The company had revenue of $330.34 million for the quarter, compared to analyst estimates of $325.20 million. Bentley Systems had a net margin of 29.17% and a return on equity of 31.71%. Bentley Systems’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.20 earnings per share. On average, research analysts anticipate that Bentley Systems, Incorporated will post 0.9 earnings per share for the current year.

Bentley Systems 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.