Paloma Partners Management Co Sells 9,202,521 Shares of Bentley Systems, Incorporated (NASDAQ:BSY)

Paloma Partners Management Co lowered its stake in Bentley Systems, Incorporated (NASDAQ:BSY) by 99.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,487 shares of the company’s stock after selling 9,202,521 shares during the period. Paloma Partners Management Co’s holdings in Bentley Systems were worth $1,905,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Allspring Global Investments Holdings LLC grew its holdings in shares of Bentley Systems by 4,618.2% during the second quarter. Allspring Global Investments Holdings LLC now owns 519 shares of the company’s stock worth $26,000 after purchasing an additional 508 shares during the last quarter. GAMMA Investing LLC grew its holdings in Bentley Systems by 90.1% during the 2nd quarter. GAMMA Investing LLC now owns 576 shares of the company’s stock worth $28,000 after acquiring an additional 273 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in Bentley Systems in the 3rd quarter valued at approximately $30,000. Blue Trust Inc. raised its stake in shares of Bentley Systems by 68,500.0% during the second quarter. Blue Trust Inc. now owns 686 shares of the company’s stock valued at $36,000 after acquiring an additional 685 shares during the last quarter. Finally, Central Pacific Bank Trust Division lifted its holdings in shares of Bentley Systems by 57.1% during the third quarter. Central Pacific Bank Trust Division now owns 759 shares of the company’s stock worth $39,000 after purchasing an additional 276 shares during the period. Institutional investors and hedge funds own 44.16% of the company’s stock.

Analyst Upgrades and Downgrades

BSY has been the subject of several analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $61.00 target price on shares of Bentley Systems in a research report on Wednesday, August 7th. Rosenblatt Securities reiterated a “buy” rating and issued a $62.00 target price on shares of Bentley Systems in a report on Friday, November 8th. Piper Sandler increased their target price on shares of Bentley Systems from $63.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Finally, The Goldman Sachs Group dropped their price target on shares of Bentley Systems from $57.00 to $50.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $59.50.

Bentley Systems Price Performance

Shares of BSY opened at $49.97 on Tuesday. The firm has a market cap of $14.53 billion, a PE ratio of 45.02, a price-to-earnings-growth ratio of 4.23 and a beta of 1.04. Bentley Systems, Incorporated has a 52-week low of $43.82 and a 52-week high of $57.19. The business’s 50 day moving average price is $49.23 and its two-hundred day moving average price is $49.75. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.52 and a current ratio of 0.52.

Bentley Systems (NASDAQ:BSY) last issued its earnings results on Thursday, November 7th. The company reported $0.24 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.24. Bentley Systems had a net margin of 27.73% and a return on equity of 29.50%. The business had revenue of $335.17 million for the quarter, compared to analyst estimates of $340.36 million. During the same period in the prior year, the firm earned $0.18 earnings per share. Bentley Systems’s revenue was up 9.3% on a year-over-year basis. On average, equities analysts anticipate that Bentley Systems, Incorporated will post 0.88 EPS for the current year.

Bentley Systems Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, December 3rd will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date is Tuesday, December 3rd. Bentley Systems’s payout ratio is 21.62%.

Insiders Place Their Bets

In other Bentley Systems news, Director Barry J. Bentley sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $50.20, for a total transaction of $2,510,000.00. Following the completion of the sale, the director now directly owns 12,298,230 shares of the company’s stock, valued at approximately $617,371,146. The trade was a 0.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders have sold 234,987 shares of company stock worth $11,667,821. Corporate insiders own 21.12% of the company’s stock.

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.