Renaissance Technologies LLC Reduces Stock Position in Check Point Software Technologies Ltd. (NASDAQ:CHKP)

Renaissance Technologies LLC trimmed its position in Check Point Software Technologies Ltd. (NASDAQ:CHKP) by 63.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,608 shares of the technology company’s stock after selling 105,700 shares during the period. Renaissance Technologies LLC owned about 0.05% of Check Point Software Technologies worth $10,165,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Check Point Software Technologies during the second quarter valued at approximately $30,000. Concord Wealth Partners acquired a new stake in shares of Check Point Software Technologies during the first quarter worth $31,000. Richardson Financial Services Inc. acquired a new stake in shares of Check Point Software Technologies during the fourth quarter worth $33,000. Transcendent Capital Group LLC acquired a new position in Check Point Software Technologies in the first quarter valued at $107,000. Finally, Alaska Permanent Fund Corp acquired a new position in Check Point Software Technologies in the first quarter valued at $117,000. 87.62% of the stock is owned by institutional investors and hedge funds.

Check Point Software Technologies Price Performance

Shares of Check Point Software Technologies stock opened at $195.47 on Tuesday. Check Point Software Technologies Ltd. has a 1-year low of $126.57 and a 1-year high of $196.56. The business has a 50-day moving average of $184.95 and a 200-day moving average of $168.13. The company has a market capitalization of $22.07 billion, a PE ratio of 27.15, a P/E/G ratio of 2.96 and a beta of 0.62.

Check Point Software Technologies (NASDAQ:CHKP) last posted its quarterly earnings data on Wednesday, July 24th. The technology company reported $2.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.16 by $0.01. The company had revenue of $627.40 million for the quarter, compared to the consensus estimate of $623.19 million. Check Point Software Technologies had a return on equity of 31.59% and a net margin of 33.61%. Check Point Software Technologies’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.74 EPS. On average, equities analysts expect that Check Point Software Technologies Ltd. will post 7.83 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have commented on CHKP. Barclays lifted their price target on Check Point Software Technologies from $175.00 to $192.00 and gave the company an “equal weight” rating in a report on Thursday, July 25th. Evercore ISI raised shares of Check Point Software Technologies to a “hold” rating in a research report on Monday, September 16th. Royal Bank of Canada lifted their price target on shares of Check Point Software Technologies from $165.00 to $187.00 and gave the company a “sector perform” rating in a report on Thursday, July 25th. Wedbush upped their price objective on Check Point Software Technologies from $185.00 to $200.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Finally, JPMorgan Chase & Co. lifted their target price on Check Point Software Technologies from $175.00 to $180.00 and gave the company a “neutral” rating in a report on Thursday, July 25th. Sixteen investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $183.68.

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.