Check Point Software Technologies (NASDAQ:CHKP) Cut to “Underweight” at Morgan Stanley

Morgan Stanley cut shares of Check Point Software Technologies (NASDAQ:CHKP) from an equal weight rating to an underweight rating in a research report released on Monday morning, BenzingaRatingsTable reports. The brokerage currently has $106.00 price objective on the technology company’s stock, down from their previous price objective of $115.00.

A number of other equities analysts also recently weighed in on CHKP. Piper Jaffray Companies began coverage on shares of Check Point Software Technologies in a research note on Friday, November 8th. They set a neutral rating and a $117.00 price target on the stock. Northland Securities reaffirmed a hold rating on shares of Check Point Software Technologies in a research note on Tuesday, October 29th. Zacks Investment Research raised shares of Check Point Software Technologies from a sell rating to a hold rating and set a $114.00 price target on the stock in a research note on Monday, September 30th. OTR Global reaffirmed a negative rating on shares of Check Point Software Technologies in a research note on Monday, October 14th. Finally, Bank of America downgraded shares of Check Point Software Technologies from a buy rating to an underperform rating and cut their price target for the stock from $130.00 to $116.00 in a research note on Thursday, September 19th. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $118.50.

Shares of CHKP opened at $113.92 on Monday. The company has a market capitalization of $17.31 billion, a price-to-earnings ratio of 21.74, a PEG ratio of 2.30 and a beta of 0.76. The company’s 50 day simple moving average is $113.08 and its 200 day simple moving average is $112.15. Check Point Software Technologies has a 1 year low of $104.22 and a 1 year high of $132.76.

Check Point Software Technologies (NASDAQ:CHKP) last announced its quarterly earnings data on Monday, October 28th. The technology company reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.04. The business had revenue of $490.91 million for the quarter, compared to the consensus estimate of $490.94 million. Check Point Software Technologies had a net margin of 40.05% and a return on equity of 21.86%. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.38 earnings per share. As a group, equities research analysts expect that Check Point Software Technologies will post 5.51 earnings per share for the current fiscal year.

Several hedge funds have recently modified their holdings of CHKP. Private Capital Group LLC raised its stake in shares of Check Point Software Technologies by 81.1% in the 2nd quarter. Private Capital Group LLC now owns 288 shares of the technology company’s stock valued at $28,000 after acquiring an additional 129 shares during the period. Simon Quick Advisors LLC raised its stake in shares of Check Point Software Technologies by 772.2% in the 4th quarter. Simon Quick Advisors LLC now owns 314 shares of the technology company’s stock valued at $35,000 after acquiring an additional 278 shares during the period. Tower Research Capital LLC TRC purchased a new position in shares of Check Point Software Technologies in the 2nd quarter valued at $37,000. Stonebridge Capital Advisors LLC purchased a new position in shares of Check Point Software Technologies in the 2nd quarter valued at $65,000. Finally, Baldwin Brothers Inc. MA purchased a new position in shares of Check Point Software Technologies in the 3rd quarter valued at $67,000. 68.20% of the stock is currently owned by institutional investors and hedge funds.

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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