Wedbush Initiates Coverage on Check Point Software Technologies (CHKP)

Stock analysts at Wedbush assumed coverage on shares of Check Point Software Technologies (NASDAQ:CHKP) in a report issued on Thursday, Marketbeat.com reports. The brokerage set an “outperform” rating and a $140.00 price target on the technology company’s stock. Wedbush’s price target suggests a potential upside of 26.96% from the stock’s current price.

A number of other research analysts have also recently weighed in on CHKP. BidaskClub cut shares of Check Point Software Technologies from a “hold” rating to a “sell” rating in a research note on Friday, June 22nd. Zacks Investment Research raised shares of Check Point Software Technologies from a “sell” rating to a “hold” rating in a research note on Tuesday, June 26th. OTR Global raised shares of Check Point Software Technologies to a “positive” rating in a research note on Friday, July 6th. BTIG Research raised shares of Check Point Software Technologies from a “neutral” rating to a “buy” rating in a research note on Tuesday, July 10th. Finally, ValuEngine raised shares of Check Point Software Technologies from a “sell” rating to a “hold” rating in a research note on Wednesday, July 11th. Twenty-three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $115.64.

Shares of Check Point Software Technologies stock opened at $110.27 on Thursday. Check Point Software Technologies has a 12-month low of $93.76 and a 12-month high of $120.81. The stock has a market capitalization of $18.11 billion, a price-to-earnings ratio of 21.76, a P/E/G ratio of 2.21 and a beta of 0.64.

Check Point Software Technologies (NASDAQ:CHKP) last issued its quarterly earnings data on Wednesday, July 25th. The technology company reported $1.37 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.18. Check Point Software Technologies had a net margin of 43.43% and a return on equity of 22.98%. The business had revenue of $467.80 million during the quarter, compared to analysts’ expectations of $461.32 million. During the same period last year, the company posted $1.26 EPS. The company’s revenue was up 2.0% on a year-over-year basis. As a group, equities research analysts anticipate that Check Point Software Technologies will post 5.18 EPS for the current year.

A number of hedge funds have recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA grew its stake in Check Point Software Technologies by 11.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 13,816,985 shares of the technology company’s stock worth $1,349,645,000 after acquiring an additional 1,405,305 shares during the period. BlackRock Inc. grew its stake in Check Point Software Technologies by 1.0% in the 2nd quarter. BlackRock Inc. now owns 5,227,074 shares of the technology company’s stock worth $510,581,000 after acquiring an additional 53,263 shares during the period. Alecta Pensionsforsakring Omsesidigt grew its stake in Check Point Software Technologies by 2.9% in the 2nd quarter. Alecta Pensionsforsakring Omsesidigt now owns 5,045,000 shares of the technology company’s stock worth $492,644,000 after acquiring an additional 140,000 shares during the period. Flossbach Von Storch AG grew its stake in Check Point Software Technologies by 1,455.9% in the 2nd quarter. Flossbach Von Storch AG now owns 2,486,903 shares of the technology company’s stock worth $242,921,000 after acquiring an additional 2,327,068 shares during the period. Finally, FMR LLC grew its stake in Check Point Software Technologies by 3.4% in the 2nd quarter. FMR LLC now owns 2,299,435 shares of the technology company’s stock worth $224,609,000 after acquiring an additional 76,339 shares during the period. 67.07% of the stock is 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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