Check Point Software Technologies (CHKP) Shares Gap Down on Analyst Downgrade

Check Point Software Technologies Ltd. (NASDAQ:CHKP) gapped down before the market opened on Thursday after Wells Fargo & Co downgraded the stock from an outperform rating to a market perform rating. The stock had previously closed at $104.86, but opened at $103.41. Wells Fargo & Co now has a $117.00 price target on the stock, up from their previous price target of $103.41. Check Point Software Technologies shares last traded at $103.90, with a volume of 1101696 shares.

Other equities research analysts have also recently issued reports about the company. JPMorgan Chase & Co. lowered their target price on Check Point Software Technologies to $113.00 and set a “neutral” rating on the stock in a research note on Wednesday. Zacks Investment Research cut Check Point Software Technologies from a “hold” rating to a “sell” rating in a research note on Tuesday, January 2nd. Royal Bank of Canada lowered their target price on Check Point Software Technologies from $120.00 to $115.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 1st. Northland Securities set a $120.00 target price on Check Point Software Technologies and gave the stock a “hold” rating in a research note on Wednesday, November 1st. Finally, UBS Group boosted their price objective on Check Point Software Technologies from $108.00 to $110.00 and gave the company a “neutral” rating in a research note on Wednesday, November 1st. Two analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $113.67.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Harding Loevner LP increased its position in shares of Check Point Software Technologies by 3,559.4% during the third quarter. Harding Loevner LP now owns 214,296,110 shares of the technology company’s stock valued at $495,041,000 after buying an additional 208,440,017 shares during the period. Schroder Investment Management Group increased its position in shares of Check Point Software Technologies by 4.2% during the third quarter. Schroder Investment Management Group now owns 5,513,142 shares of the technology company’s stock valued at $619,512,000 after buying an additional 220,009 shares during the period. APG Asset Management N.V. increased its position in shares of Check Point Software Technologies by 11.8% during the fourth quarter. APG Asset Management N.V. now owns 2,850,228 shares of the technology company’s stock valued at $245,953,000 after buying an additional 301,417 shares during the period. Neuberger Berman Group LLC increased its position in shares of Check Point Software Technologies by 10.2% during the third quarter. Neuberger Berman Group LLC now owns 1,655,376 shares of the technology company’s stock valued at $188,746,000 after buying an additional 153,197 shares during the period. Finally, BT Investment Management Ltd increased its position in shares of Check Point Software Technologies by 8.7% during the third quarter. BT Investment Management Ltd now owns 1,653,543 shares of the technology company’s stock valued at $188,537,000 after buying an additional 132,949 shares during the period. Hedge funds and other institutional investors own 71.59% of the company’s stock.

The stock has a market cap of $16,840.00, a PE ratio of 22.02, a price-to-earnings-growth ratio of 2.05 and a beta of 0.62.

Check Point Software Technologies (NASDAQ:CHKP) last announced its quarterly earnings results on Tuesday, October 31st. The technology company reported $1.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.12 by $0.06. Check Point Software Technologies had a return on equity of 22.46% and a net margin of 42.80%. The firm had revenue of $454.63 million for the quarter, compared to analysts’ expectations of $449.39 million. sell-side analysts expect that Check Point Software Technologies Ltd. will post 4.82 earnings per share for the current year.

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About Check Point Software Technologies

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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