Check Point Software Technologies (NASDAQ:CHKP) Posts Earnings Results, Meets Estimates

Check Point Software Technologies (NASDAQ:CHKP) posted its earnings results on Thursday. The technology company reported $1.72 earnings per share for the quarter, hitting the consensus estimate of $1.72, reports. Check Point Software Technologies had a return on equity of 31.30% and a net margin of 34.33%. The firm had revenue of $598.80 million during the quarter, compared to analyst estimates of $595.28 million.

Check Point Software Technologies Trading Down 1.1 %

Shares of Check Point Software Technologies stock opened at $151.20 on Friday. Check Point Software Technologies has a 1-year low of $117.18 and a 1-year high of $168.82. The firm’s 50-day moving average price is $161.41 and its two-hundred day moving average price is $153.01. The stock has a market capitalization of $18.26 billion, a price-to-earnings ratio of 21.00, a P/E/G ratio of 2.45 and a beta of 0.61.

Institutional Investors Weigh In On Check Point Software Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of CHKP. Concord Wealth Partners acquired a new stake in shares of Check Point Software Technologies in the third quarter valued at $25,000. CNB Bank bought a new position in shares of Check Point Software Technologies in the third quarter worth about $27,000. Bruce G. Allen Investments LLC acquired a new position in shares of Check Point Software Technologies during the fourth quarter worth approximately $30,000. Richardson Financial Services Inc. bought a new stake in shares of Check Point Software Technologies during the fourth quarter valued at approximately $33,000. Finally, Salem Investment Counselors Inc. increased its holdings in shares of Check Point Software Technologies by 483.7% in the fourth quarter. Salem Investment Counselors Inc. now owns 286 shares of the technology company’s stock valued at $44,000 after purchasing an additional 237 shares in the last quarter. 87.62% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CHKP shares. Barclays raised their target price on shares of Check Point Software Technologies from $170.00 to $175.00 and gave the company an “equal weight” rating in a research note on Friday. Truist Financial upped their price target on Check Point Software Technologies from $170.00 to $175.00 and gave the stock a “buy” rating in a report on Wednesday, February 7th. TD Cowen increased their price target on shares of Check Point Software Technologies from $180.00 to $205.00 and gave the company an “outperform” rating in a report on Monday, March 18th. Wells Fargo & Company boosted their price objective on shares of Check Point Software Technologies from $132.00 to $162.00 and gave the stock an “equal weight” rating in a report on Monday, January 29th. Finally, Scotiabank increased their target price on shares of Check Point Software Technologies from $170.00 to $180.00 and gave the company a “sector outperform” rating in a research note on Wednesday, February 7th. Thirteen investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $164.00.

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.