|Over a month ago|
Street Wrap: Today's Top 15 Upgrades, Downgrades, Initiations » 09:3305/2005/20/22
BILL, BSY, OLLI, CTRN, CMA, MRTX, WIX, ROST, FRPT, DOW, TPTX, LFLY, TREX, DG, RKWBF
Oppenheimer starts Bentley Systems at Outperform, sees sustained ARR growth » 16:2105/1905/19/22
Oppenheimer analyst Kristen Owen initiated coverage of Bentley Systems with an Outperform rating and $40 price target. The company's vertical SaaS suite spans the entire infrastructure project- and asset-lifecycle, offering a cross-functional digital thread through the design, build, operate, and maintain stages, the analyst tells investors in a research note. Owen adds that she sees support for sustained organic annual recurring revenue growth in the high single digits, and believes the recent pullback in SaaS valuations offers an attractive entry point for Bentley Systems shares.
Bentley Systems initiated with an Outperform at Oppenheimer » 16:1105/1905/19/22
Oppenheimer analyst Kristen Owen initiated coverage of Bentley Systems with an Outperform rating and $40 price target.
Bentley Systems board approves buying back up to $200M of Class B common stock » 14:1705/1105/11/22
Bentley Systems announced…
Bentley Systems announced its board of directors approved the BSY Stock Repurchase Program authorizing the company to repurchase up to $200M of BSY Class B common stock through June 30, 2024. Greg Bentley, CEO, said, "In contrast to our practice to date of de facto repurchases, the BSY Stock Repurchase Program enables us to consider market conditions in flexibly re-prioritizing the application of our robust cash generation, including savings from the switch to gross equity distributions, as between programmatic acquisitions, de-levering, and/or open-market stock repurchases to offset ongoing dilution from equity compensation. We will purchase shares opportunistically to enhance stockholder value."
Bentley Systems price target lowered to $49 from $55 at Baird » 07:1505/1105/11/22
Baird analyst Joe Vruwink…
Baird analyst Joe Vruwink lowered the firm's price target on Bentley Systems to $49 from $55 and keeps an Outperform rating on the shares. The analyst views the inflection in ARR growth over recent quarters as closer to the beginning of a multi-year upside opportunity and recommends investors revisit Bentley as an idea on the weakness.
Bentley Systems price target lowered to $45 from $53 at Mizuho » 06:5605/1105/11/22
Mizuho analyst Matthew…
Mizuho analyst Matthew Broome lowered the firm's price target on Bentley Systems to $45 from $53 and keeps a Buy rating on the shares. The company reported "respectable" Q1 results, with modest annual recurring revenue upside, partially offset by geopolitical headwinds from Russia and China, and a slowdown in Europe, Broome tells investors in a research note. The analyst, however, continues to believe Bentley is well positioned to deliver greater penetration within the "vast" global market for constructed infrastructure.
Bentley Systems price target lowered to $46 from $55 at RBC Capital » 06:5605/1105/11/22
RBC Capital analyst…
RBC Capital analyst Matthew Hedberg lowered the firm's price target on Bentley Systems to $46 from $55 due to peer multiple compression but keeps an Outperform rating on the shares. The company's Q1 results demonstrate "resiliency" in an uncertain macro environment with 12% organic ARR growth, the analyst tells investors in a research note. Hedberg adds that Bentley Systems offers a durable business model that is well-positioned to capitalize on longer-term mega-trends.
Bentley Systems price target lowered to $50 from $60 at BofA » 17:3305/1005/10/22
BofA analyst Michael Funk…
BofA analyst Michael Funk lowered the firm's price target on Bentley Systems to $50 from $60 and keeps a Neutral rating on the shares. The analyst said Q1 results were better than projected, though Russia and China exposure creates "cautious" commentary." Funk added that he believes a premium multiple is justified based on strong secular growth trends and profitability.
Bentley Systems reports Q1 adjusted EPS 24c, consensus 20c » 07:2505/1005/10/22
Reports Q1 revenue…
Reports Q1 revenue $275.5M, consensus $268.19M. CEO Greg Bentley said, "Against this quarter's backdrop of compounding global concerns, I am pleased that we are reporting overall resilience, starting with strong operating results, consistent with our established financial outlook for 2022. Our 22Q1 results absorbed consequences directly related to Russia, including mandatory sanctions, our discretionary new business suspension there, and especially reductions in Russian ARR to reflect an estimation of recurrence probability. But we also absorbed a comparable amount of ARR attrition within China that I believe stems largely from indirectly related 'counter-globalism.' Net of these disruptions, we still achieved constant currency ARR growth, from a year ago, of 12% in business performance, plus 15% from platform acquisitions." Mr. Bentley continued, "To proactively enhance our business resilience with respect to counter-globalism, BSY Investments announced our first joint venture in China to 'glocalize' our platform within software and cloud service offerings being developed there to meet the Chinese government's provenance requirements for critical infrastructure applications. Also on the investment front, our leadership in core structural and geotechnical engineering disciplines was augmented by our acquisition of ADINA to add advanced non-linear analyses across our simulation portfolio, to help in assessing and improving infrastructure asset resilience against increasingly prevalent environmental extremes." "And with respect to potential macroeconomic downturns, I consider that 22Q1's impressive net momentum in our business corresponds with generally having become more resilient, even since going public in 2020. Notably, as we have extended our global leadership position in infrastructure engineering software and digital twins for mobility, our flourishing platform acquisitions for environmental opportunities and grid opportunities have considerably reduced the significance of our comparatively minor exposure, within the commercial and industrial infrastructure sectors, to cyclically vulnerable CAPEX spending," Mr. Bentley concluded.
|Over a quarter ago|
Bentley Systems acquires ADINA R&D, terms not disclosed » 16:0204/0704/07/22
Bentley Systems, Incorporated announced it has acquired Watertown, Massachusetts-based ADINA R & D Inc., a developer of finite element analysis software applications used in a comprehensively diverse range of engineering fields. ADINA was founded in 1986 by Dr. Klaus-Jurgen Bathe, professor of mechanical engineering at the Massachusetts Institute of Technology and a leader in the field of finite element analysis and its applications.