Bentley Systems

BSY · NASDAQ

$38.13+$1.40 (+3.81%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $36.73

BSY analyst rating

BuyConsensus of 13 analysts over the last 12 months. 77% rate it a buy.

Strong buy0
Buy10
Hold3
Underperform0
Sell0

12-month price target · 16 analysts

Average $45.02 (+18.1% upside)

Low: $37.37
Now: $38.13
High: $61.95

Upgrades and downgrades

The latest rating actions, newest first

BSY analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Cantor Fitzgerald	Oct 16, 2026	Maintains	Overweight	$37.00 → $42.00	50%
Cantor Fitzgerald	Sep 15, 2026	Initiates	Overweight	$37.00	50%
Rosenblatt	Aug 10, 2026	Maintains	Buy	$50.00	61%
Piper Sandler	Aug 7, 2026	Maintains	Overweight	$45.00	41%
BNP Paribas	Jun 18, 2026	Initiates	Outperform	$40.00	52%
Barclays	May 29, 2026	Maintains	Equal-Weight	$49.00 → $40.00	62%
B of A Securities	May 12, 2026	Initiates	Neutral → Buy	$40.00	70%
Mizuho	May 8, 2026	Maintains	Outperform	$50.00 → $45.00	58%
Piper Sandler	May 8, 2026	Upgrade	Neutral → Overweight	$42.00 → $45.00	41%
UBS	May 4, 2026	Maintains	Neutral	$43.00 → $40.00	48%

The case for and against

Updated Oct 14, 2026

Bull case

Bentley Systems is well positioned because its mission-critical infrastructure software supports design, simulation, and asset management for roads, bridges, power grids, and transit, creating high switching costs, pricing power, and robust retention of about 99% gross and 110% net. Its exposure to multiple secular tailwinds, including the long-term global infrastructure buildout, mining and critical-minerals capex, and utility grid modernization driven by data-center demand, should sustain double-digit growth while widening margins. Recent results reinforce the case, with revenue up 12.8% to $411 million, ARR up 12%, subscription revenue at 92% of total revenue, and FY26 guidance implying 10.5%-12.5% ARR growth and $500 million-$570 million of free cash flow.

Bear case

Bentley Systems is challenged by AI disruption in the design and authoring layer, where newer AI-native offerings could weaken its specialty leadership and pressure its competitive moat. It also faces intensifying competition from well-capitalized rivals like ADSK, along with pricing pressure, bundling, and the risk that enterprise customers shift toward broader SaaS/cloud-based CAD/CAM/CAE platforms. Although grid modernization and data center growth may support demand, the thesis is cautious because these upcycles may prove less durable than expected, while high software multiples, interest rates, and government debt could slow construction activity and margin expansion.

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