Check Point Software Technologies (NASDAQ:CHKP) Updates FY 2024 Earnings Guidance

Check Point Software Technologies (NASDAQ:CHKP) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of 9.050-9.150 for the period, compared to the consensus earnings per share estimate of 9.100. The company issued revenue guidance of $2.5 billion-$2.6 billion, compared to the consensus revenue estimate of $2.6 billion. Check Point Software Technologies also updated its Q4 2024 guidance to 2.600-2.700 EPS.

Check Point Software Technologies Trading Down 1.6 %

CHKP stock opened at $170.50 on Monday. The stock’s fifty day simple moving average is $194.47 and its two-hundred day simple moving average is $174.99. Check Point Software Technologies has a 1-year low of $134.72 and a 1-year high of $210.70. The stock has a market cap of $18.75 billion, a P/E ratio of 23.29, a P/E/G ratio of 2.96 and a beta of 0.63.

Check Point Software Technologies (NASDAQ:CHKP) last posted its quarterly earnings data on Tuesday, October 29th. The technology company reported $2.25 earnings per share for the quarter, hitting the consensus estimate of $2.25. Check Point Software Technologies had a return on equity of 31.84% and a net margin of 33.17%. The business had revenue of $635.10 million for the quarter, compared to analysts’ expectations of $634.96 million. During the same quarter in the previous year, the firm earned $1.80 earnings per share. The business’s revenue was up 6.5% on a year-over-year basis. As a group, analysts forecast that Check Point Software Technologies will post 7.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have issued reports on the company. Evercore ISI boosted their target price on Check Point Software Technologies from $180.00 to $185.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Scotiabank boosted their price objective on Check Point Software Technologies from $180.00 to $200.00 and gave the company a “sector outperform” rating in a research note on Thursday, July 25th. BMO Capital Markets boosted their price objective on Check Point Software Technologies from $200.00 to $238.00 and gave the company a “market perform” rating in a research note on Friday, October 25th. Needham & Company LLC reiterated a “hold” rating on shares of Check Point Software Technologies in a research note on Wednesday, October 30th. Finally, Wedbush boosted their price objective on Check Point Software Technologies from $200.00 to $230.00 and gave the company an “outperform” rating in a research note on Wednesday, October 9th. Fifteen investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Check Point Software Technologies currently has a consensus rating of “Hold” and a consensus target price of $197.74.

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.