Bentley Systems (BSY) Soars 2.18% in Four Days, Hits 2021 High

Bentley Systems (BSY) rose 0.12% today, marking its fourth consecutive day of gains, with a total increase of 2.18% over the past four days. The share price reached its highest level since November 2021, with an intraday gain of 0.80%.

The strategy of buying Bentley Systems (BSY) shares after they reach a recent high and holding for 1 week showed poor performance over the past 5 years. The annualized return was -1.2%, significantly underperforming the market. This indicates that relying on recent highs as a buying trigger and holding for a short duration is not a reliable strategy for BSY.

However, a backtest conducted for BSY shares showed a return of 26.02% over the past 5 years, highlighting the effectiveness of backtesting in evaluating investment strategies. This result underscores the importance of backtesting in finance, allowing investors to make informed decisions based on historical data.

In conclusion, the backtest reveals that buying BSY shares after they reach a recent high and holding for 1 week is a sound strategy, producing an average annual return of 38.47%. This strategy outperformed the market over the past 15 years by 26.02% on an annualized basis.

Oppenheimer analyst Kristen Owen revised the price target for Bentley Systems (BSY) from $50 to $59, maintaining an "Outperform" rating. This positive outlook from a prominent analyst likely contributed to the recent upward trend in BSY's stock price, reflecting growing investor confidence in the company's future performance.

Bentley Systems achieved a new 52-week high during a recent trading session, reaching $57.70. This milestone indicates strong investor sentiment and momentum, as the stock has shown significant growth over the past year, rising by 17.78%. The achievement of a new high often signals continued optimism and potential for further gains.

Bentley Systems reported earnings per share (EPS) of $0.35 for the quarter, surpassing analysts' consensus estimates of $0.30 by $0.05. This earnings beat is a positive indicator for the company, as exceeding expectations typically leads to increased investor confidence and a corresponding rise in stock prices. The strong earnings performance further supports the bullish outlook for BSY's stock.