Bentley Systems Inc . (NASDAQ:BSY) director Keith A. Bentley has sold a total of $9,059,569 worth of company stock, according to recent regulatory filings. The transactions, which took place on May 9 and May 10, involved the sale of Class B common stock at prices ranging between $55.0123 and $55.3555 per share.
On the first day, Mr. Bentley sold 59,420 shares at an average price of $55.0123, while the following day saw him parting with 104,610 shares at an average price of $55.3555. These sales were conducted under a pre-arranged trading plan, known as Rule 10b5-1, which Mr. Bentley had adopted on November 8, 2023. This plan allows company insiders to sell shares over a predetermined period of time to avoid any accusations of trading on non-public information.
After these transactions, filings show that Mr. Bentley still owns a significant amount of Bentley Systems stock, with 16,967,383 shares remaining in his direct possession. Additionally, there are holdings listed as indirect, which include 100,000 shares owned by his spouse and 92,654 shares held in a 401(K) plan.
Investors often monitor insider sales for insights into executives' perspectives on their company's stock value. Although such sales are a routine part of financial planning for many insiders, the size and timing can still provide valuable context for the market. Bentley Systems, a leader in prepackaged software services, continues to be a notable player in the technology sector, with these transactions representing a small portion of the director's overall stake in the company.
InvestingPro Insights
Bentley Systems Inc. (NASDAQ:BSY) has been a topic of discussion not only due to insider transactions but also because of its financial performance and market valuation. According to InvestingPro, Bentley Systems boasts a robust gross profit margin of 79.48% for the last twelve months as of Q1 2024, highlighting the company's efficiency in maintaining profitability despite costs. This is a significant metric for investors, as a high gross profit margin is indicative of a company's ability to manage its production and distribution costs effectively.
Additionally, the company has been trading at a high Price / Book multiple of 18.65, suggesting that investors are willing to pay a premium for the company's net assets. This can be reflective of the market's expectations for future growth or the company's competitive advantages. However, it's worth noting that Bentley Systems is trading at a high P/E ratio of 48.96, which could indicate that the stock is relatively expensive compared to its earnings.
InvestingPro data also shows a strong return over the last month, with a 15.18% increase in the stock price. This performance may be a factor for investors to consider, especially in light of the recent insider sales. For those looking to delve deeper into Bentley Systems' financials and stock performance, InvestingPro offers additional tips, including insights on earnings revisions, debt levels, and valuation multiples. There are currently 13 additional InvestingPro Tips available for Bentley Systems, which can be accessed with a subscription. Readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing a more comprehensive investment analysis tool.
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