Check Point Software Technologies (NASDAQ:CHKP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Monday, Zacks.com reports. They presently have a $111.00 target price on the technology company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 3.32% from the stock’s previous close.
According to Zacks, “Growth in security subscriptions, aided by strong demand for its advanced solutions, primarily CloudGuard, Sandblast Zero-day threat prevention and Infinity solutions, drove Check Point's first-quarter results. Increased demand for network security gateways to support higher capacities aided the adoption of the company’s remote access VPN solutions. Several Infinity deals in various industries, including government, telecommunication and industrial were positives. However, lack of components in the supply chain due to coronavirus-led disruptions, and the closure of some logistic centers were hindrances. Some customers are likely to be credit constrained in the second quarter. Check Point is evaluating suitable payment terms to ensure continued service. This is expected to partially affect the cash flow in the near term.”
A number of other equities analysts also recently commented on CHKP. Barclays restated a “hold” rating and issued a $114.00 price objective on shares of Check Point Software Technologies in a report on Tuesday, April 28th. Bank of America lifted their price target on shares of Check Point Software Technologies from $100.00 to $102.00 and gave the company an “underperform” rating in a research report on Tuesday, April 28th. Evercore ISI initiated coverage on shares of Check Point Software Technologies in a research note on Monday, May 4th. They set an “inline” rating and a $116.00 price objective for the company. Mizuho reissued a “hold” rating and issued a $107.00 target price on shares of Check Point Software Technologies in a research note on Tuesday, April 28th. Finally, Credit Suisse Group reaffirmed a “hold” rating and set a $110.00 price target on shares of Check Point Software Technologies in a research report on Tuesday, April 28th. Six equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $109.63.
Shares of CHKP stock opened at $107.43 on Monday. The firm has a market capitalization of $15.40 billion, a price-to-earnings ratio of 19.43, a price-to-earnings-growth ratio of 2.55 and a beta of 0.64. Check Point Software Technologies has a one year low of $80.06 and a one year high of $120.99. The company has a 50 day moving average price of $107.39 and a 200 day moving average price of $107.41.
Check Point Software Technologies (NASDAQ:CHKP) last announced its quarterly earnings data on Monday, April 27th. The technology company reported $1.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.38 by $0.04. The company had revenue of $486.50 million during the quarter, compared to analysts’ expectations of $480.78 million. Check Point Software Technologies had a net margin of 41.03% and a return on equity of 23.45%. The business’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.32 EPS. Sell-side analysts anticipate that Check Point Software Technologies will post 5.66 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Amundi Pioneer Asset Management Inc. raised its stake in shares of Check Point Software Technologies by 2.6% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 108,323 shares of the technology company’s stock valued at $13,701,000 after purchasing an additional 2,720 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Check Point Software Technologies by 7.7% in the fourth quarter. Victory Capital Management Inc. now owns 42,267 shares of the technology company’s stock valued at $4,690,000 after buying an additional 3,028 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Check Point Software Technologies by 2.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 79,946 shares of the technology company’s stock valued at $8,871,000 after buying an additional 2,263 shares in the last quarter. Banque Cantonale Vaudoise bought a new position in Check Point Software Technologies during the 4th quarter worth approximately $335,000. Finally, Bank of Montreal Can lifted its holdings in Check Point Software Technologies by 13.4% during the 4th quarter. Bank of Montreal Can now owns 86,842 shares of the technology company’s stock worth $9,636,000 after buying an additional 10,239 shares during the last quarter. Hedge funds and other institutional investors own 68.44% of the company’s stock.
About Check Point Software Technologies
Check Point Software Technologies Ltd. develops, markets, and supports a range of products and services for IT security worldwide. The company offers a portfolio of network and gateway solutions, management solutions, and data and endpoint security solutions. It provides Check Point Infinity Architecture, a cyber security architecture that protects against 5th generation mega cyber-attacks across various networks, endpoint, cloud, and mobile; security gateways from platforms for small business and small office locations, high end and high demanding data centers, and perimeter environments; and Check Point SandBlast family for threat prevention and zero-day protections.
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