Mario Gabelli is Dumping These 5 Stocks

3. Bentley Systems, Incorporated (NASDAQ: BSY)

Number of Hedge Fund Holders: 17 

Percentage Decline in Stake in Q2: 69%

Bentley Systems, Incorporated (NASDAQ: BSY) is a Pennsylvania-based firm that markets infrastructure engineering solutions. It is ranked third on our list of 15 stocks Mario Gabelli is dumping. Regulatory filings reveal that GAMCO Investors owned 40,000 shares in the company at the end of the second quarter of 2021 worth $2.5 million. 

On August 11, investment advisory RBC Capital reiterated an Outperform rating on Bentley Systems, Incorporated (NASDAQ: BSY) stock and raised the price target to $74 from $70, appreciating the strong second quarter earnings beat of the firm. 

At the end of the second quarter of 2021, 17 hedge funds in the database of Insider Monkey held stakes worth $81 million in Bentley Systems, Incorporated (NASDAQ: BSY), down from 22 in the preceding quarter worth $109 million. 

In its Q2 2021 investor letter, Alger, an asset management firm, highlighted a few stocks and Bentley Systems, Incorporated (NASDAQ: BSY) was one of them. Here is what the fund said:

“Bentley Systems is a founder-led company with a 36-year track record of creating value with software and services for the design, construction and operation of infrastructure, such as transportation, energy generation, large commercial buildings and other physical assets. The company’s software solutions help bring projects to market faster and more efficiently and include a simulation offering that provides asset owners with valuable information to prolong and improve the life of assets. Penetration of digital workflow in infrastructure engineering remains low and both the project and asset management markets are continuing to adopt digital solutions, driving growth for Bentley at a high single-digit rate and potentially accelerating in the event of a U.S. infrastructure bill being passed into law. We believe that anticipation of a U.S. infrastructure bill is one of the main reasons why Bentley Systems shares outperformed in the second quarter. We believe the company’s acquisition of geosciences software company Seequent also supported the performance of Bentley shares because it provides increased potential for the company to increase its guidance when reporting second quarter results in August.”