Zacks Investment Research Upgrades Check Point Software Technologies Ltd. (CHKP) to Buy
Check Point Software Technologies Ltd. (NASDAQ:CHKP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday. The brokerage presently has a $95.00 price objective on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 14.87% from the stock’s previous close.
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.”
CHKP has been the topic of a number of other reports. Macquarie restated a “neutral” rating on shares of Check Point Software Technologies in a report on Monday, October 31st. Robert W. Baird initiated coverage on shares of Check Point Software Technologies in a research note on Tuesday, August 23rd. They set a “neutral” rating and a $83.00 price target for the company. Cowen and Company reaffirmed an “outperform” rating and set a $87.00 price target on shares of Check Point Software Technologies in a research note on Monday, October 31st. Wunderlich lifted their price target on shares of Check Point Software Technologies from $95.00 to $105.00 and gave the stock a “buy” rating in a research note on Wednesday, July 27th. Finally, Nomura reaffirmed a “buy” rating and set a $95.00 price target on shares of Check Point Software Technologies in a research note on Monday, October 31st. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and thirteen have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $90.21.
Check Point Software Technologies (NASDAQ:CHKP) opened at 82.70 on Monday. The company has a 50-day moving average of $79.66 and a 200-day moving average of $79.73. The company has a market capitalization of $13.99 billion, a P/E ratio of 20.85 and a beta of 0.91. Check Point Software Technologies has a 1-year low of $71.64 and a 1-year high of $89.98.
Check Point Software Technologies (NASDAQ:CHKP) last posted its earnings results on Monday, October 31st. The company reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.05. Check Point Software Technologies had a net margin of 40.73% and a return on equity of 20.32%. The firm had revenue of $428 million for the quarter, compared to the consensus estimate of $422.79 million. During the same period in the previous year, the firm posted $1.04 EPS. The business’s quarterly revenue was up 5.9% on a year-over-year basis. Equities analysts expect that Check Point Software Technologies will post $4.52 EPS for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in CHKP. Bronfman E.L. Rothschild L.P. raised its stake in Check Point Software Technologies by 3.9% in the third quarter. Bronfman E.L. Rothschild L.P. now owns 1,388 shares of the company’s stock worth $108,000 after buying an additional 52 shares during the last quarter. J.Safra Asset Management Corp acquired a new stake in Check Point Software Technologies during the second quarter worth $112,000. Financial Architects Inc raised its stake in Check Point Software Technologies by 95.3% in the third quarter. Financial Architects Inc now owns 1,500 shares of the company’s stock worth $117,000 after buying an additional 732 shares during the last quarter. Independent Portfolio Consultants Inc. acquired a new stake in Check Point Software Technologies during the third quarter worth $125,000. Finally, Trust Co. of Vermont raised its stake in Check Point Software Technologies by 3.6% in the second quarter. Trust Co. of Vermont now owns 1,855 shares of the company’s stock worth $148,000 after buying an additional 65 shares during the last quarter. Hedge funds and other 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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