Check Point Software Technologies (NASDAQ:CHKP) Posts Earnings Results, Beats Estimates By $0.10 EPS

Check Point Software Technologies (NASDAQ:CHKPGet Free Report) released its quarterly earnings data on Tuesday. The technology company reported $2.57 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.10, MarketWatch Earnings reports. The business had revenue of $663.50 million for the quarter, compared to analyst estimates of $662.09 million. Check Point Software Technologies had a return on equity of 30.88% and a net margin of 36.03%. The company’s revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the company posted $2.23 EPS. Check Point Software Technologies updated its Q1 guidance to $1.95-$2.05 EPS and its FY24 guidance to $8.70-$9.30 EPS.

Check Point Software Technologies Trading Up 1.0 %

Shares of Check Point Software Technologies stock opened at $162.45 on Wednesday. The company’s 50-day moving average price is $153.22 and its two-hundred day moving average price is $141.38. Check Point Software Technologies has a 52 week low of $117.18 and a 52 week high of $166.71. The stock has a market cap of $19.01 billion, a PE ratio of 22.66, a price-to-earnings-growth ratio of 2.69 and a beta of 0.62.

Institutional Investors Weigh In On Check Point Software Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the business. American Century Companies Inc. increased its stake in Check Point Software Technologies by 3.4% in the 3rd quarter. American Century Companies Inc. now owns 9,802 shares of the technology company’s stock worth $1,306,000 after purchasing an additional 318 shares in the last quarter. Creative Planning increased its stake in Check Point Software Technologies by 24.5% in the 3rd quarter. Creative Planning now owns 13,428 shares of the technology company’s stock worth $1,790,000 after purchasing an additional 2,641 shares in the last quarter. Morgan Stanley increased its stake in Check Point Software Technologies by 4.9% in the 3rd quarter. Morgan Stanley now owns 741,541 shares of the technology company’s stock worth $98,833,000 after purchasing an additional 34,863 shares in the last quarter. Townsquare Capital LLC increased its stake in Check Point Software Technologies by 5.2% in the 3rd quarter. Townsquare Capital LLC now owns 5,241 shares of the technology company’s stock worth $699,000 after purchasing an additional 260 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Check Point Software Technologies by 14.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 49,003 shares of the technology company’s stock valued at $6,531,000 after acquiring an additional 6,216 shares in the last quarter. 68.34% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CHKP. UBS Group boosted their price target on Check Point Software Technologies from $140.00 to $170.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 10th. Raymond James raised Check Point Software Technologies from a “market perform” rating to an “outperform” rating in a research report on Monday, December 18th. Morgan Stanley raised Check Point Software Technologies from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $118.00 to $144.00 in a research report on Monday, October 16th. Truist Financial upped their target price on Check Point Software Technologies from $140.00 to $170.00 and gave the company a “buy” rating in a research report on Tuesday, January 16th. Finally, Piper Sandler raised Check Point Software Technologies from an “underweight” rating to a “neutral” rating in a research report on Monday, October 30th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Check Point Software Technologies presently has a consensus rating of “Hold” and an average target price of $144.85.

View Our Latest Research Report on Check Point Software Technologies

Check Point Software Technologies Company Profile

(Get Free Report)

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.

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Earnings History for Check Point Software Technologies (NASDAQ:CHKP)

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