Bentley Systems (BSY)

• Market cap: $13.1B
• 1 day: -0.39%
• 5 days: 5.06%
• 1 month: 1.79%
• 3 months: -4.95%
• 6 months: -13.71%
• Year to date: -7.12%
• 1 year: -13.81%
• 5 years: 28.96%
• 10 years: 28.96%
• Sector: Technology
• Industry: Software - Application

About: Bentley Systems is a software vendor that caters to engineers, architects, constructors, and geospatial professionals by enabling design, modeling, simulation, project management, and data management of infrastructure assets. The firm delivers solutions via the cloud, desktop, and hybrid environments. While Bentley is relatively small in comparison with peers like Autodesk, it shines in core specialty areas, like bridge or rail design, as opposed to being more broad-based in its applications. Bentley's largest end market is the public works and utilities sector, which represents approximately two thirds of revenue.

Employees: 5,500

Fund manager confidence

Based on 2024 Q4 regulatory disclosures by fund managers ($100M+ AUM)

4,835% more call options, than puts

Call options by funds: $28.1M | Put options by funds: $570K

50% more funds holding in top 10

Funds holding in top 10: 2 [Q3] → 3 (+1) [Q4]

48% more first-time investments, than exits

New positions opened: 74 | Existing positions closed: 50

4% more funds holding

Funds holding: 406 [Q3] → 424 (+18) [Q4]

0.22% less ownership

Funds ownership: 41.82% [Q3] → 41.6% (-0.22%) [Q4]

8% less capital invested

Capital invested by funds: $6.17B [Q3] → $5.65B (-$519M) [Q4]

29% less repeat investments, than reductions

Existing positions increased: 124 | Existing positions reduced: 174

Research analyst outlook

7 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $42 3% downside
• Avg. target: $51 19% upside
• High target: $62 44% upside

7 analyst ratings

• positive: 4 57%
• neutral: 2 29%
• negative: 1 14%

Keybanc Jason Celino 33% 1-year accuracy 17 / 52 met price target	25% upside $54	Overweight Maintained	16 Apr 2025
Mizuho Matthew Broome 25% 1-year accuracy 2 / 8 met price target	16% upside $50	Outperform Maintained	15 Apr 2025
JP Morgan Alexei Gogolev 46% 1-year accuracy 11 / 24 met price target	4% upside $45	Neutral Maintained	9 Apr 2025
UBS	11% upside $48	Neutral Initiated	31 Mar 2025
Goldman Sachs Kash Rangan 39% 1-year accuracy 11 / 28 met price target	3% downside $42	Sell Downgraded	28 Feb 2025