Bentley Systems Shares Soar 0.73% on Strong Earnings

Bentley Systems(BSY) shares rose 0.73% today, reaching their highest level since May 2024 with an intraday gain of 1.27%.

The strategy of buying BSY shares after they reach a recent high and holding for one week yielded a 57.22% return, slightly outperforming the benchmark return of 56.99%. The strategy had a maximum drawdown of -29.80%, a Sharpe ratio of 0.72, and a volatility of 27.98%.

Analysts have recently adjusted their ratings and price targets for Bentley Systems. Wall Street Zen downgraded the stock from a "buy" to a "hold" rating. Other analysts from Mizuho, UBS Group, JPMorgan Chase & Co., Rosenblatt Securities, and Royal Bank Of Canada have provided mixed insights, resulting in one "sell" rating, three "hold" ratings, and seven "buy" ratings. This suggests an overall "Moderate Buy" consensus with an average price target of $52.00.

Institutional and insider activity has also influenced the stock. Lecap Asset Management Ltd. purchased 40,976 shares, while Oppenheimer & Co. Inc. reduced its stake by 7.8%. Insider sales included CRO Brock Ballard selling 12,363 shares and Director Raymond B. Bentley selling 355,103 shares, indicating a modest decrease in insider ownership.

Bentley Systems reported strong quarterly earnings, surpassing expectations with an EPS of $0.35 against a consensus estimate of $0.30. Revenue for the quarter was $370.54 million, exceeding the consensus estimate of $366.76 million and marking a 9.7% increase compared to the previous year. These financial results reflect the company's robust performance and growth potential.