Bentley Systems (BSY)

• Market cap: $12.6B
• 1 day: 3.32%
• 5 days: -2.40%
• 1 month: -12.30%
• 3 months: -13.72%
• 6 months: -16.05%
• Year to date: -10.88%
• 1 year: -15.12%
• 5 years: 23.74%
• 10 years: 23.74%
• Sector: Information Technology
• Industry: Prepackaged Software

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 filings 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]

41% more first-time investments, than exits

New positions opened: 72 | Existing positions closed: 51

3% more funds holding

Funds holding: 407 [Q3] → 421 (+14) [Q4]

0.79% less ownership

Funds ownership: 42.37% [Q3] → 41.58% (-0.79%) [Q4]

10% less capital invested

Capital invested by funds: $6.25B [Q3] → $5.65B (-$602M) [Q4]

29% less repeat investments, than reductions

Existing positions increased: 123 | Existing positions reduced: 173

Research analyst outlook

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

• Low target: $42 1% upside
• Avg. target: $55 33% upside
• High target: $62 50% upside

4 analyst ratings

• positive: 3 75%
• neutral: 0 0%
• negative: 1 25%

Goldman Sachs Kash Rangan 37% 1-year accuracy 10 / 27 met price target	1% upside $42	Sell Downgraded	28 Feb 2025
Baird Joe Vruwink 28% 1-year accuracy 12 / 43 met price target	42% upside $59	Outperform Maintained	27 Feb 2025
Rosenblatt Blair Abernethy 21% 1-year accuracy 14 / 68 met price target	50% upside $62	Buy Maintained	27 Feb 2025
Piper Sandler Clarke Jeffries 28% 1-year accuracy 13 / 46 met price target	38% upside $57	Overweight Maintained	8 Jan 2025