Check Point Software Technologies (NASDAQ:CHKP) Rating Lowered to Underperform at Bank of America

Bank of America lowered shares of Check Point Software Technologies (NASDAQ:CHKP) from a buy rating to an underperform rating in a research report sent to investors on Thursday, BenzingaRatingsTable reports. They currently have $116.00 price target on the technology company’s stock, down from their prior price target of $130.00.

Other equities research analysts have also recently issued reports about the company. ValuEngine cut Check Point Software Technologies from a buy rating to a hold rating in a research note on Wednesday, July 24th. Robert W. Baird reissued a hold rating on shares of Check Point Software Technologies in a research note on Sunday, September 15th. Evercore ISI set a $105.00 price objective on Check Point Software Technologies and gave the stock a hold rating in a research note on Wednesday, July 24th. BidaskClub raised Check Point Software Technologies from a strong sell rating to a sell rating in a research note on Thursday, September 12th. Finally, Cowen initiated coverage on Check Point Software Technologies in a research note on Thursday, May 23rd. They set a market perform rating and a $120.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $123.94.

NASDAQ:CHKP opened at $108.90 on Thursday. The business’s 50-day moving average is $109.09 and its 200 day moving average is $116.35. Check Point Software Technologies has a 12 month low of $98.57 and a 12 month high of $132.76. The company has a market capitalization of $16.47 billion, a P/E ratio of 20.90, a P/E/G ratio of 2.23 and a beta of 0.79.



Check Point Software Technologies (NASDAQ:CHKP) last issued its quarterly earnings data on Wednesday, July 24th. The technology company reported $1.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.24 by $0.14. Check Point Software Technologies had a return on equity of 22.05% and a net margin of 40.99%. The company had revenue of $488.10 million for the quarter, compared to analysts’ expectations of $487.53 million. During the same period in the previous year, the firm posted $1.37 earnings per share. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. Equities research analysts predict that Check Point Software Technologies will post 5.49 earnings per share for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Motco bought a new position in shares of Check Point Software Technologies during the second quarter valued at approximately $26,000. Private Capital Group LLC grew its stake in Check Point Software Technologies by 81.1% in the second quarter. Private Capital Group LLC now owns 288 shares of the technology company’s stock worth $28,000 after purchasing an additional 129 shares in the last quarter. Pinnacle Bank grew its stake in Check Point Software Technologies by 69.7% in the second quarter. Pinnacle Bank now owns 258 shares of the technology company’s stock worth $30,000 after purchasing an additional 106 shares in the last quarter. NuWave Investment Management LLC grew its stake in Check Point Software Technologies by 64.5% in the second quarter. NuWave Investment Management LLC now owns 306 shares of the technology company’s stock worth $36,000 after purchasing an additional 120 shares in the last quarter. Finally, Tower Research Capital LLC TRC bought a new position in Check Point Software Technologies in the second quarter worth approximately $37,000. 70.85% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Check Point Software Technologies (NASDAQ:CHKP)

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