Bentley Systems, Inc. (BSY) saw its stock soar 5.03% in intraday trading on Wednesday, following the release of its first-quarter earnings report that exceeded analyst expectations. The infrastructure engineering software company demonstrated strong financial performance, signaling continued growth and market strength.

The company reported adjusted earnings per share (EPS) of $0.35 for the quarter ended March 31, significantly beating the consensus estimate of $0.30 from analysts polled by FactSet. This result also marked an improvement from the same quarter last year when Bentley Systems posted an EPS of $0.31. Revenue for the quarter reached $370.54 million, surpassing the expected $366.81 million and representing a 9.7% increase year-over-year.

Bentley Systems' impressive results reflect the company's robust position in the infrastructure software market. The strong performance comes despite concerns in the broader technology sector, highlighting the company's resilience and the ongoing demand for its specialized software solutions. Wall Street's reaction to the earnings beat underscores investor confidence in Bentley's growth trajectory and market strategy.

It's worth noting that Bentley Systems shares had already risen by 11.3% this quarter prior to the earnings announcement, although they remain down 6.3% year-to-date. The current average analyst rating on the stock is "buy," with a median 12-month price target of $51.50, suggesting potential for further upside. As Bentley Systems continues to outperform expectations, it may attract increased attention from investors looking for strong performers in the software sector.