Check Point Software Technologies (NASDAQ:CHKP) Hits New 1-Year Low – Here’s What Happened

Check Point Software Technologies Ltd. (NASDAQ:CHKP) shares hit a new 52-week low on Wednesday . The company traded as low as $173.15 and last traded at $174.07, with a volume of 1542931 shares changing hands. The stock had previously closed at $180.21.

Analyst Ratings Changes

CHKP has been the subject of several research reports. Royal Bank Of Canada lowered their price objective on shares of Check Point Software Technologies from $215.00 to $195.00 and set a “sector perform” rating for the company in a research report on Monday, January 5th. KeyCorp raised shares of Check Point Software Technologies to a “hold” rating in a research note on Monday, January 12th. Morgan Stanley set a $197.00 price target on Check Point Software Technologies in a research note on Wednesday, January 28th. BMO Capital Markets boosted their price target on Check Point Software Technologies from $215.00 to $240.00 and gave the company an “outperform” rating in a report on Wednesday, October 29th. Finally, Weiss Ratings upgraded Check Point Software Technologies from a “hold (c)” rating to a “buy (b-)” rating in a report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $226.62.

Check Point Software Technologies Trading Down 3.4%

The company has a market capitalization of $19.14 billion, a price-to-earnings ratio of 19.07, a P/E/G ratio of 2.90 and a beta of 0.58. The stock’s 50 day moving average price is $186.79 and its 200 day moving average price is $192.77.

Institutional Investors Weigh In On Check Point Software Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Massachusetts Financial Services Co. MA grew its stake in shares of Check Point Software Technologies by 28.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 7,937,229 shares of the technology company’s stock valued at $1,472,832,000 after buying an additional 1,766,774 shares in the last quarter. Norges Bank acquired a new stake in Check Point Software Technologies in the second quarter valued at $714,801,000. Ninety One UK Ltd grew its position in shares of Check Point Software Technologies by 0.3% in the 3rd quarter. Ninety One UK Ltd now owns 2,601,592 shares of the technology company’s stock valued at $538,295,000 after acquiring an additional 8,814 shares during the period. First Trust Advisors LP grew its position in shares of Check Point Software Technologies by 31.4% in the 3rd quarter. First Trust Advisors LP now owns 2,497,275 shares of the technology company’s stock valued at $516,711,000 after acquiring an additional 597,413 shares during the period. Finally, Ameriprise Financial Inc. increased its stake in shares of Check Point Software Technologies by 8.5% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,171,322 shares of the technology company’s stock worth $449,274,000 after purchasing an additional 170,075 shares during the last quarter. Institutional investors own 98.51% of the company’s stock.

Check Point Software Technologies Company Profile

Check Point Software Technologies Ltd. is an Israeli-founded cybersecurity company that develops, markets and supports a broad portfolio of network, cloud and endpoint security products. Founded in 1993, the company was an early pioneer of stateful inspection firewall technology and later developed a modular “software blade” approach that allowed customers to combine protection capabilities. Check Point’s product set spans physical and virtual security appliances, software and cloud-native services designed to prevent cyberattacks, protect data and simplify security management for enterprises and service providers.

Key product families include Quantum Security Gateways (on-premises and hybrid appliances), CloudGuard (cloud security posture and workload protection), Harmony (endpoint, remote access and unified endpoint security), and SandBlast (advanced threat prevention and sandboxing).