Check Point Software Technologies (NASDAQ:CHKP) Sets New 52-Week High After Analyst Upgrade

Check Point Software Technologies Ltd. (NASDAQ:CHKP)’s share price reached a new 52-week high on Thursday after UBS Group raised their price target on the stock from $200.00 to $230.00. UBS Group currently has a neutral rating on the stock. Check Point Software Technologies traded as high as $213.00 and last traded at $217.58, with a volume of 4353 shares changing hands. The stock had previously closed at $203.90.

Several other equities analysts have also recently issued reports on the stock. Robert W. Baird dropped their price objective on shares of Check Point Software Technologies from $210.00 to $205.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. Susquehanna raised their price objective on shares of Check Point Software Technologies from $215.00 to $255.00 and gave the company a “positive” rating in a research report on Friday. Guggenheim reiterated a “neutral” rating on shares of Check Point Software Technologies in a research report on Friday. Evercore ISI lifted their price target on Check Point Software Technologies from $180.00 to $185.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Finally, Morgan Stanley increased their price objective on Check Point Software Technologies from $183.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Friday. Nineteen equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Check Point Software Technologies has an average rating of “Hold” and an average target price of $215.27.

Hedge Funds Weigh In On Check Point Software Technologies

Several large investors have recently added to or reduced their stakes in CHKP. Dimensional Fund Advisors LP purchased a new stake in shares of Check Point Software Technologies during the 2nd quarter valued at $2,079,000. Millennium Management LLC grew its position in Check Point Software Technologies by 20.6% during the second quarter. Millennium Management LLC now owns 44,101 shares of the technology company’s stock valued at $7,277,000 after acquiring an additional 7,523 shares during the period. Creative Planning increased its stake in Check Point Software Technologies by 12.9% during the second quarter. Creative Planning now owns 18,510 shares of the technology company’s stock worth $3,054,000 after acquiring an additional 2,122 shares during the last quarter. NewEdge Advisors LLC raised its holdings in shares of Check Point Software Technologies by 145.8% in the 2nd quarter. NewEdge Advisors LLC now owns 12,832 shares of the technology company’s stock worth $2,117,000 after purchasing an additional 7,611 shares during the period. Finally, B. Riley Wealth Advisors Inc. acquired a new position in shares of Check Point Software Technologies in the 2nd quarter valued at about $250,000. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Check Point Software Technologies Stock Performance

The stock has a fifty day moving average price of $187.94 and a 200-day moving average price of $187.44. The firm has a market cap of $23.98 billion, a PE ratio of 29.78, a PEG ratio of 3.19 and a beta of 0.63.

Check Point Software Technologies (NASDAQ:CHKP) last issued its earnings results on Tuesday, October 29th. The technology company reported $2.25 EPS for the quarter, meeting analysts’ consensus estimates of $2.25. Check Point Software Technologies had a net margin of 33.17% and a return on equity of 31.84%. The business had revenue of $635.10 million for the quarter, compared to the consensus estimate of $634.96 million. During the same quarter last year, the firm posted $1.80 EPS. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, equities analysts predict that Check Point Software Technologies Ltd. will post 7.87 earnings per share for the current fiscal year.

Check Point Software Technologies Company Profile

Check Point Software Technologies Ltd. develops, markets, and supports a range of products and services for IT security worldwide. The company offers a multilevel security architecture, cloud, network, mobile devices, endpoints information, and IOT solutions. It provides Check Point Infinity Architecture, a cyber security architecture that protects against fifth generation cyber-attacks across various networks, endpoint, cloud, workloads, Internet of Things, and mobile.