BUZZ-Bentley Systems gains on S&P MidCap inclusion

Reuters10-02
BUZZ-Bentley Systems gains on S&P MidCap inclusion

** Shares of Bentley Systems BSY.O up 5.9% at $55.42 before the bell as engineering software firm poised to join S&P MidCap 400 .IDX next week

** BSY to replace Western Union WU.N in the IDX effective before market open on Mon, Oct 6, S&P Dow Jones Indices said late Weds

** In turn, money-transfer service provider WU to replace Mr. Cooper Group COOP.O in S&P SmallCap 600 .SPCY

** Mortgage lender Rocket Companies RKT.N acquired Mr. Cooper in deal that closed on Weds

** S&P Dow Jones said Denver, Colorado-based WU's market cap is "more representative of the small-cap market space"

** WU shares, up 0.5% premarket at $8.12, had lost about 24% YTD through Weds

** Exton, Pennsylvania-based BSY has ~303.6 mln shares outstanding for roughly $16 bln market cap

** Through Weds, shares up 12% YTD

** Of 15 analysts covering BSY, recommendation breakdown is 9 "strong buy" or "buy", 5 "hold" and 1 "sell"; median PT is $61.50, according to LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com ; 1-646-279-6380))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment