Bentley Systems (NASDAQ:BSY) saw its stock price target raised by Royal Bank of Canada from $48.00 to $52.00 on Friday, reflecting a potential upside of 17.22% from its current price. The bank maintained an "outperform" rating on the stock. Other analysts also upgraded their price targets, with Cantor Fitzgerald setting the highest at $55.00 and an "overweight" rating, while Rosenblatt Securities and Oppenheimer both raised their targets to $53.00 and $52.00 respectively, both with positive ratings.
Despite the bullish analyst sentiment, Bentley Systems' stock traded down 1.3% on Friday, closing at $44.36. The company reported strong quarterly earnings on Thursday, with adjusted earnings per share of $0.36, beating estimates by $0.03, and revenue of $421.51 million, up 12.2% year over year. The company also raised its annual recurring revenue outlook, highlighting growth in subscription-based revenue.
Insider activity included a significant sale by Director Raymond Bentley, who sold 344,203 shares at an average price of $40.24, reducing his position by 2.35%. Institutional investors have been active, with Arrowstreet Capital and Pictet Asset Management increasing their stakes significantly in recent quarters. Currently, 44.16% of the stock is owned by institutional investors, while insiders hold 20.27%.
The company's stock has a market capitalization of $12.89 billion, a price-to-earnings ratio of 48.78, and a beta of 0.98. Analysts have given Bentley Systems an average rating of "Moderate Buy" with a consensus target price of $46.67.