Should You Invest in Bentley Systems (BSY)?
Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite rose 10.23% net of fees in the first quarter, compared to the Russell Midcap Growth Index’s 9.14% return. The strategy primarily benefitted from the stock selection while the sector allocation also contributed to the relative performance. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Mid Cap Strategy highlighted stocks like Bentley Systems, Incorporated (NASDAQ:BSY) in the first quarter 2023 investor letter. Headquartered in Exton, Pennsylvania, Bentley Systems, Incorporated (NASDAQ:BSY) is an infrastructure engineering software solutions provider. On May 26, 2023, Bentley Systems, Incorporated (NASDAQ:BSY) stock closed at $47.82 per share. One-month return of Bentley Systems, Incorporated (NASDAQ:BSY) was 12.36%, and its shares gained 40.81% of their value over the last 52 weeks. Bentley Systems, Incorporated (NASDAQ:BSY) has a market capitalization of $14.029 billion.
Conestoga Mid Cap Strategy made the following comment about Bentley Systems, Incorporated (NASDAQ:BSY) in its Q1 2023 investor letter:
"Bentley Systems, Incorporated (NASDAQ:BSY): BSY is a leading global provider of software for infrastructure engineers. The Bentley family has owned and operated the company for nearly forty years, which continues post-IPO (September 2020). We are attracted to BSY’s market leadership in infrastructure engineering software for public works & utilities, high recurring revenue (~90%), strong margin profile (mid-30% adjusted EBITDA, high-20% free cash flow), and conservative management practices (stock-based compensation is only ~6% of revenue). We believe BSY will provide attractive long-term returns."
Bentley Systems, Incorporated (NASDAQ:BSY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Bentley Systems, Incorporated (NASDAQ:BSY) at the end of first quarter 2023 which was 24 in the previous quarter.
We discussed Bentley Systems, Incorporated (NASDAQ:BSY) in another article and shared Brown Capital Management's views on the company. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
