Form 4: Bentley Systems Director Keith A. Bentley Sells Shares Under 10b5-1 Trading Plan

Director Keith A. Bentley sold shares of Bentley Systems Inc. (BSY) on May 9 and May 10, 2024, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Keith A. Bentley, a director and 10% owner of Bentley Systems Inc. (BSY), reported the sale of Class B Common Stock on May 9 and May 10, 2024.
• The sales were executed under a Rule 10b5-1 trading plan adopted on November 8, 2023.
• On May 9, 2024, 59,420 shares were sold at a weighted average price of $55.0123, with prices ranging from $55.00 to $55.06.
• On May 10, 2024, 104,610 shares were sold at a weighted average price of $55.3555, with prices ranging from $55.06 to $55.72.
• Following these transactions, Keith A. Bentley directly owns 16,867,773 shares of Class B Common Stock.
• He also indirectly owns 100,000 shares through a spouse and 92,654 shares through a 401(k) plan.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the filing simply reports stock sales under a pre-arranged trading plan, which doesn't necessarily indicate a positive or negative outlook for the company.

Industry Context

Insider sales are a common occurrence, and the use of a 10b5-1 trading plan suggests the sales were pre-planned and not based on any specific non-public information. Investors often monitor insider transactions for signals about a company's prospects, but sales under a 10b5-1 plan are generally viewed as less informative.

Comparison to Industry Standards

• Comparing Bentley's insider trading activity to companies like Autodesk (ADSK) or Trimble (TRMB) would require analyzing their respective Form 4 filings.
• Generally, insider sales are benchmarked against historical trading patterns within the company and industry norms for executive compensation and diversification strategies.
• The size of the sale relative to Bentley's overall market capitalization and the director's total holdings is also a relevant factor.

Stakeholder Impact

• The stock sales could have a minor negative impact on shareholder sentiment, although the existence of a 10b5-1 plan mitigates this concern.
• The impact on employees, customers, suppliers, and creditors is likely to be negligible.

Key Dates