Check Point Software Technologies (NASDAQ:CHKP) Releases Earnings Results, Meets Expectations

Check Point Software Technologies (NASDAQ:CHKP) posted its earnings results on Thursday. The technology company reported $1.72 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.72, reports. The company had revenue of $598.80 million during the quarter, compared to analyst estimates of $595.28 million. Check Point Software Technologies had a return on equity of 31.30% and a net margin of 34.33%.

Check Point Software Technologies Stock Down 1.1 %

NASDAQ:CHKP opened at $151.20 on Friday. Check Point Software Technologies has a 52 week low of $117.18 and a 52 week high of $168.82. The stock has a market capitalization of $18.26 billion, a PE ratio of 21.00, a price-to-earnings-growth ratio of 2.48 and a beta of 0.61. The stock’s 50-day moving average price is $161.41 and its 200-day moving average price is $152.89.

Institutional Investors Weigh In On Check Point Software Technologies

A number of institutional investors have recently modified their holdings of CHKP. Caas Capital Management LP lifted its stake in Check Point Software Technologies by 76.9% in the 1st quarter. Caas Capital Management LP now owns 4,600 shares of the technology company’s stock valued at $754,000 after buying an additional 2,000 shares in the last quarter. TRUE Private Wealth Advisors lifted its stake in Check Point Software Technologies by 4.5% in the 1st quarter. TRUE Private Wealth Advisors now owns 3,121 shares of the technology company’s stock valued at $512,000 after buying an additional 134 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its stake in Check Point Software Technologies by 6.9% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 71,743 shares of the technology company’s stock valued at $11,767,000 after buying an additional 4,626 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in Check Point Software Technologies by 7.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 14,492 shares of the technology company’s stock worth $2,377,000 after purchasing an additional 950 shares in the last quarter. Finally, Simplicity Wealth LLC purchased a new position in Check Point Software Technologies in the 1st quarter worth approximately $278,000. 87.62% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. BMO Capital Markets upped their target price on Check Point Software Technologies from $175.00 to $185.00 and gave the stock a “market perform” rating in a report on Wednesday, February 7th. Stifel Nicolaus lowered their target price on Check Point Software Technologies from $170.00 to $165.00 and set a “hold” rating for the company in a report on Friday. Barclays increased their price objective on Check Point Software Technologies from $170.00 to $175.00 and gave the company an “equal weight” rating in a report on Friday. UBS Group increased their price objective on Check Point Software Technologies from $140.00 to $170.00 and gave the company a “neutral” rating in a report on Wednesday, January 10th. Finally, Mizuho reiterated a “neutral” rating and set a $160.00 price objective on shares of Check Point Software Technologies in a report on Wednesday, March 27th. Thirteen analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $164.00.

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 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.