Cannon Global Investment Management LLC Boosts Holdings in Bentley Systems, Incorporated (NASDAQ:BSY)

Cannon Global Investment Management LLC lifted its holdings in shares of Bentley Systems, Incorporated (NASDAQ:BSY) by 47.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 22,000 shares of the company’s stock after acquiring an additional 7,100 shares during the quarter. Bentley Systems accounts for about 1.8% of Cannon Global Investment Management LLC’s investment portfolio, making the stock its 10th largest holding. Cannon Global Investment Management LLC’s holdings in Bentley Systems were worth $1,118,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. increased its position in shares of Bentley Systems by 0.6% during the first quarter. Vanguard Group Inc. now owns 22,252,050 shares of the company’s stock valued at $1,162,002,000 after buying an additional 134,516 shares during the period. Kayne Anderson Rudnick Investment Management LLC lifted its stake in Bentley Systems by 3.9% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 15,778,600 shares of the company’s stock worth $778,832,000 after purchasing an additional 586,458 shares in the last quarter. Swedbank AB boosted its holdings 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 purchasing an additional 1,000,000 shares during the period. Handelsbanken Fonder AB grew its position in shares of Bentley Systems by 41.8% during the 3rd quarter. Handelsbanken Fonder AB now owns 1,323,000 shares of the company’s stock valued at $67,222,000 after purchasing an additional 390,000 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Bentley Systems by 7.5% in the second quarter. Envestnet Asset Management Inc. now owns 1,232,566 shares of the company’s stock worth $60,839,000 after purchasing an additional 85,565 shares during the period. 44.16% of the stock is owned by institutional investors.

Insider Buying and Selling

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, October 28th. The stock was sold at an average price of $48.95, for a total value of $2,447,500.00. Following the completion of the sale, the director now owns 12,048,235 shares in the company, valued at approximately $589,761,103.25. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Bentley Systems news, Director Barry J. Bentley sold 50,000 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $48.95, for a total value of $2,447,500.00. Following the transaction, the director now owns 12,048,235 shares in the company, valued at approximately $589,761,103.25. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Raymond B. Bentley sold 91,045 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $49.43, for a total transaction of $4,500,354.35. Following the sale, the director now owns 16,598,656 shares of the company’s stock, valued at approximately $820,471,566.08. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 326,032 shares of company stock worth $16,168,176 in the last ninety days. 21.12% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BSY. Rosenblatt Securities reissued a “buy” rating and set a $62.00 price objective on shares of Bentley Systems in a research note on Monday, September 16th. The Goldman Sachs Group cut their price objective on Bentley Systems from $57.00 to $50.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Royal Bank of Canada restated an “outperform” rating and issued a $61.00 price objective on shares of Bentley Systems in a research report on Wednesday, August 7th. Finally, Piper Sandler reiterated an “overweight” rating and set a $63.00 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 issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $59.57.

Bentley Systems Price Performance

Shares of BSY stock traded up $0.15 during trading hours on Friday, hitting $48.41. 688,558 shares of the company’s stock were exchanged, compared to its average volume of 1,211,984. The company has a market capitalization of $14.07 billion, a PE ratio of 42.46, a PEG ratio of 4.14 and a beta of 1.04. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 1.36. Bentley Systems, Incorporated has a 12-month low of $43.82 and a 12-month high of $57.19. The business’s 50 day simple moving average is $49.64 and its 200-day simple moving average is $50.48.

Bentley Systems (NASDAQ:BSY) last issued its 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. Bentley Systems had a net margin of 29.17% and a return on equity of 31.71%. The company had revenue of $330.34 million for the quarter, compared to analysts’ expectations of $325.20 million. During the same quarter last year, the company earned $0.20 EPS. The firm’s revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts anticipate that Bentley Systems, Incorporated will post 0.9 earnings per share for the current year.

Bentley Systems Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Tuesday, September 17th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.50%. The ex-dividend date was Tuesday, September 17th. Bentley Systems’s dividend payout ratio is presently 21.05%.

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.