Check Point Software Technologies (NASDAQ:CHKP) Downgraded to “Neutral” Rating by Bank of America

Bank of America cut shares of Check Point Software Technologies (NASDAQ:CHKP) from a buy rating to a neutral rating in a research report released on Wednesday morning, Marketbeat.com reports. The firm currently has $195.00 target price on the technology company’s stock, down from their previous target price of $205.00.

Other research analysts also recently issued reports about the stock. Royal Bank of Canada raised their price objective on shares of Check Point Software Technologies from $165.00 to $187.00 and gave the stock a “sector perform” rating in a report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Check Point Software Technologies from $175.00 to $185.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. Barclays decreased their target price on shares of Check Point Software Technologies from $210.00 to $200.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 29th. Susquehanna raised their price target on shares of Check Point Software Technologies from $200.00 to $215.00 and gave the stock a “positive” rating in a report on Thursday, July 25th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Check Point Software Technologies from $180.00 to $210.00 and gave the company a “neutral” rating in a research note on Monday, October 28th. Fifteen analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $197.74.

Check Point Software Technologies Trading Down 1.6 %

Shares of NASDAQ CHKP opened at $170.50 on Wednesday. Check Point Software Technologies has a 1-year low of $134.72 and a 1-year high of $210.70. The firm has a market capitalization of $18.75 billion, a P/E ratio of 23.29, a P/E/G ratio of 2.71 and a beta of 0.63. The firm’s 50-day moving average price is $194.47 and its 200-day moving average price is $174.87.

Check Point Software Technologies (NASDAQ:CHKP) last posted its quarterly earnings data on Tuesday, October 29th. The technology company reported $2.25 EPS for the quarter, meeting the consensus estimate of $2.25. The firm had revenue of $635.10 million during the quarter, compared to analyst estimates of $634.96 million. Check Point Software Technologies had a net margin of 33.17% and a return on equity of 31.84%. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter last year, the business posted $1.80 EPS. Equities research analysts forecast that Check Point Software Technologies will post 7.84 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Tidal Investments LLC bought a new stake in Check Point Software Technologies during the first quarter valued at approximately $6,558,000. Quantbot Technologies LP bought a new stake in shares of Check Point Software Technologies in the 1st quarter worth about $1,095,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Check Point Software Technologies by 8.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 97,434 shares of the technology company’s stock worth $15,980,000 after acquiring an additional 7,357 shares during the last quarter. M&G Plc lifted its holdings in shares of Check Point Software Technologies by 10.0% in the 2nd quarter. M&G Plc now owns 108,449 shares of the technology company’s stock worth $17,894,000 after acquiring an additional 9,830 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new stake in Check Point Software Technologies during the 1st quarter valued at about $2,928,000. 87.62% of the stock is owned by hedge funds and other institutional investors.

Check Point Software Technologies Company Profile

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.