EXTON, PA—Barry J. Bentley, a director and significant shareholder of Bentley Systems Inc. (NASDAQ:BSY), recently sold 50,000 shares of the company's Class B Common Stock. The transaction, executed on October 21, 2024, was conducted under a pre-established Rule 10b5-1 trading plan. The shares were sold at an average price of $49.44, totaling approximately $2.47 million.
Following the sale, Bentley holds 12,098,235 shares directly, with an additional 92,654 shares held indirectly through a 401(k) plan. The transaction details, including the price range of $49.225 to $50.10, are available upon request from Bentley Systems or the Securities and Exchange Commission.
In other recent news, Bentley Systems Incorporated has secured a $1.3 billion revolving credit facility, providing significant liquidity for its operations and potential expansions. In addition, the software development company reported an 11% increase in annual recurring revenue (ARR) for Q2 2024, and declared a Q3 2024 cash dividend of $0.06 per share. Bentley Systems also recently acquired Cesium, a 3D geospatial company, and formed a strategic partnership with Google (NASDAQ:GOOGL) to integrate their geospatial data into Bentley's software and digital twin platform.
Analysts from Oppenheimer maintain a positive outlook on Bentley Systems, reaffirming an Outperform rating. The company also launched OpenSite+, an AI-powered application for civil site design, showcasing its continuous innovation. These are some of the recent developments at Bentley Systems, Incorporated.
InvestingPro Insights
As Barry J. Bentley reduces his stake in Bentley Systems Inc. (NASDAQ:BSY), investors may want to consider some key financial metrics and insights from InvestingPro. The company's market capitalization stands at $15.63 billion, reflecting its significant presence in the software industry.
Bentley Systems boasts impressive gross profit margins, with the latest data showing a gross profit margin of 80.36% for the last twelve months as of Q2 2024. This aligns with an InvestingPro Tip highlighting the company's "impressive gross profit margins," suggesting efficient cost management and strong pricing power in its market segment.
However, another InvestingPro Tip notes that "7 analysts have revised their earnings downwards for the upcoming period," which could signal some caution regarding near-term performance. This might provide context for the director's decision to sell shares, although it's important to note that the sale was conducted under a pre-established trading plan.
Investors should also consider that Bentley Systems is trading at a P/E ratio of 41.4, which the InvestingPro system flags as "trading at a high earnings multiple." This valuation metric may be of interest to those assessing the stock's current market price relative to its earnings.
For a more comprehensive analysis, InvestingPro offers additional tips and insights, with 11 more tips available for Bentley Systems. These could provide valuable context for understanding the company's financial position and market outlook beyond the recent insider transaction.
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