Check Point Software Technologies Ltd. (CHKP) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Check Point Software Technologies Ltd. (NASDAQ:CHKP) from a hold rating to a buy rating in a research report sent to investors on Monday. Zacks Investment Research currently has $95.00 price target on the stock.

According to Zacks, “Check Point recently reported splendid third quarter results, wherein its revenues and earnings topped its own expectations as well as the Zacks Consensus Estimate. The year-over-year upside in the top and bottom lines was further encouraging. The company also provided a robust outlook for the fourth quarter. We believe that the rapid adoption of Check Point’s data center appliances and continuous enhancements in data center product lines will provide ample support to its top line. The company’s focus on enhancing mobile capabilities will aid it to tap greater larger opportunities. Furthermore, Check Point’s strategy of growing through acquisitions is praiseworthy. Nonetheless, near-term prospects for the company are not promising as changing customer spending behavior has recently hit several other players in this space. Intensifying competition and an uncertain macroeconomic environment add to its woes.”

A number of other equities research analysts also recently issued reports on CHKP. Wunderlich reissued a hold rating and issued a $85.00 price target on shares of Check Point Software Technologies in a research note on Tuesday, November 1st. JPMorgan Chase & Co. boosted their price target on shares of Check Point Software Technologies from $86.00 to $89.00 and gave the company a neutral rating in a research note on Wednesday, July 27th. William Blair reissued an outperform rating on shares of Check Point Software Technologies in a research note on Tuesday, November 1st. Oppenheimer Holdings Inc. reissued an outperform rating and issued a $95.00 price target on shares of Check Point Software Technologies in a research note on Wednesday, July 27th. Finally, Piper Jaffray Cos. reissued an overweight rating and issued a $100.00 price target on shares of Check Point Software Technologies in a research note on Tuesday, November 1st. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and twelve have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $90.21.

Shares of Check Point Software Technologies (NASDAQ:CHKP) opened at 83.80 on Monday. Check Point Software Technologies has a 52 week low of $71.64 and a 52 week high of $89.98. The firm has a market capitalization of $14.17 billion, a P/E ratio of 21.12 and a beta of 0.91. The firm has a 50-day moving average of $79.93 and a 200 day moving average of $79.75.

Check Point Software Technologies (NASDAQ:CHKP) last released its quarterly earnings results on Monday, October 31st. The company reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.05. The business had revenue of $428 million for the quarter, compared to the consensus estimate of $422.79 million. Check Point Software Technologies had a net margin of 40.73% and a return on equity of 20.32%. The business’s revenue was up 5.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.04 EPS. On average, equities research analysts expect that Check Point Software Technologies will post $4.52 EPS for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the company. Schroder Investment Management Group increased its position in shares of Check Point Software Technologies by 21.2% in the third quarter. Schroder Investment Management Group now owns 5,693,288 shares of the company’s stock worth $441,856,000 after buying an additional 996,144 shares during the last quarter. Alecta Pensionsforsakring Omsesidigt increased its position in shares of Check Point Software Technologies by 27.7% in the third quarter. Alecta Pensionsforsakring Omsesidigt now owns 4,245,000 shares of the company’s stock worth $329,412,000 after buying an additional 920,000 shares in the last quarter. FMR LLC increased its position in shares of Check Point Software Technologies by 17.8% in the second quarter. FMR LLC now owns 4,170,635 shares of the company’s stock worth $332,316,000 after buying an additional 629,802 shares in the last quarter. Harding Loevner LP bought a new position in shares of Check Point Software Technologies during the third quarter worth about $188,714,000. Finally, Vulcan Value Partners LLC increased its position in shares of Check Point Software Technologies by 111.9% in the second quarter. Vulcan Value Partners LLC now owns 2,206,298 shares of the company’s stock worth $175,798,000 after buying an additional 1,165,059 shares in the last quarter. Institutional investors own 72.14% of the company’s stock.

About Check Point Software Technologies

Check Point Software Technologies Ltd. (Check point) develops, markets and supports a range of products and services for information technology (IT) security. The Company’s products and services are sold to enterprises, service providers, small and medium sized businesses and consumers. It offers enterprises a platform to deploy independent, modular and interoperable security applications (Software Blades), such as firewall, virtual private network (VPN), intrusion prevention system (IPS), Application Control, Anti-Bot, antivirus, data loss prevention (DLP), policy management, event analysis or multi-domain management.

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