Check Point Software Technologies (CHKP) Rating Lowered to Sell at Zacks Investment Research

Check Point Software Technologies (NASDAQ:CHKP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday, January 2nd.

According to Zacks, “Check Point is a provider of information technology (IT) security solutions worldwide. Shares of the company have outperformed the broader market over the past one year. We believe that the rapid adoption of Check Point’s data center appliances and continuous enhancements in data center product lines will provide ample support to its top line. The company’s focus on enhancing mobile capabilities will aid it to tap greater larger opportunities. Furthermore, Check Point’s strategy of growing through acquisitions is praiseworthy. However, Check Point’s soft Q4 outlook makes us cautious about its near-term performance. Moreover, changing customer spending behavior, intensifying competition, an uncertain economic environment and currency fluctuations remain headwinds.”

Other analysts also recently issued research reports about the stock. Northland Securities set a $120.00 price objective on shares of Check Point Software Technologies and gave the company a “hold” rating in a research report on Wednesday, November 1st. Royal Bank of Canada lowered their price objective on shares of Check Point Software Technologies from $120.00 to $115.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 1st. UBS Group increased their price objective on shares of Check Point Software Technologies from $108.00 to $110.00 and gave the company a “neutral” rating in a research report on Wednesday, November 1st. JPMorgan Chase & Co. downgraded shares of Check Point Software Technologies from an “overweight” rating to a “neutral” rating and set a $121.00 price objective for the company. in a research report on Tuesday, December 12th. Finally, Piper Jaffray Companies set a $108.00 price target on shares of Check Point Software Technologies and gave the stock a “hold” rating in a research report on Friday, October 6th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $113.60.

Check Point Software Technologies (NASDAQ CHKP) opened at $103.00 on Tuesday. Check Point Software Technologies has a 1-year low of $88.91 and a 1-year high of $119.20. The company has a market cap of $16,824.81, a P/E ratio of 22.06, a P/E/G ratio of 2.02 and a beta of 0.62.

Hedge funds have recently bought and sold shares of the business. AXA lifted its stake in Check Point Software Technologies by 20.6% in the second quarter. AXA now owns 187,805 shares of the technology company’s stock valued at $20,486,000 after buying an additional 32,118 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Check Point Software Technologies by 693.4% in the second quarter. JPMorgan Chase & Co. now owns 467,485 shares of the technology company’s stock valued at $50,993,000 after buying an additional 408,560 shares during the last quarter. Westport Asset Management Inc. raised its stake in shares of Check Point Software Technologies by 21.0% during the third quarter. Westport Asset Management Inc. now owns 17,300 shares of the technology company’s stock valued at $1,887,000 after purchasing an additional 3,000 shares in the last quarter. Bank Hapoalim BM raised its stake in shares of Check Point Software Technologies by 32.0% during the second quarter. Bank Hapoalim BM now owns 81,629 shares of the technology company’s stock valued at $8,904,000 after purchasing an additional 19,777 shares in the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of Check Point Software Technologies by 0.4% during the second quarter. Wells Fargo & Company MN now owns 1,462,419 shares of the technology company’s stock valued at $159,520,000 after purchasing an additional 6,050 shares in the last quarter. Institutional investors own 71.73% of the company’s stock.

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Check Point Software Technologies Company Profile

Check Point Software Technologies Ltd. (Check point) develops, markets and supports a range of products and services for information technology (IT) security. The Company’s products and services are sold to enterprises, service providers, small and medium sized businesses and consumers. It offers enterprises a platform to deploy independent, modular and interoperable security applications (Software Blades), such as firewall, virtual private network (VPN), intrusion prevention system (IPS), Application Control, Anti-Bot, antivirus, data loss prevention (DLP), policy management, event analysis or multi-domain management.

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