Check Point Software Technologies (NASDAQ:CHKP) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research cut shares of Check Point Software Technologies (NASDAQ:CHKP) from a hold rating to a sell rating in a research report report published on Monday, Zacks.com reports. The firm currently has $111.00 price target on the technology company’s stock.

According to Zacks, “Growth in security subscriptions, aided by strong demand for its advanced solutions, primarily CloudGuard, Sandblast Zero-day threat prevention and Infinity solutions, drove Check Point's first-quarter results. Increased demand for network security gateways to support higher capacities aided the adoption of the company’s remote access VPN solutions. Several Infinity deals in various industries, including government, telecommunication and industrial were positives. However, lack of components in the supply chain due to coronavirus-led disruptions, and the closure of some logistic centers were hindrances. Some customers are likely to be credit constrained in the second quarter. Check Point is evaluating suitable payment terms to ensure continued service. This is expected to partially affect the cash flow in the near term.”

Other analysts have also recently issued reports about the stock. BidaskClub cut shares of Check Point Software Technologies from a hold rating to a sell rating in a report on Thursday, June 4th. Robert W. Baird raised their price target on shares of Check Point Software Technologies from $105.00 to $108.00 and gave the company a neutral rating in a report on Tuesday, April 28th. Morgan Stanley raised their price target on shares of Check Point Software Technologies from $88.00 to $90.00 and gave the company an underweight rating in a report on Tuesday, April 28th. Mizuho reiterated a hold rating and issued a $107.00 target price on shares of Check Point Software Technologies in a research note on Tuesday, April 28th. Finally, Credit Suisse Group reiterated a hold rating and issued a $110.00 target price on shares of Check Point Software Technologies in a research note on Tuesday, April 28th. Six equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $109.63.

Shares of Check Point Software Technologies stock opened at $107.92 on Monday. Check Point Software Technologies has a 1 year low of $80.06 and a 1 year high of $120.99. The stock has a market cap of $15.70 billion, a price-to-earnings ratio of 19.20, a PEG ratio of 2.60 and a beta of 0.62. The firm’s 50-day moving average is $107.39 and its two-hundred day moving average is $107.35.

Check Point Software Technologies (NASDAQ:CHKP) last released its quarterly earnings results on Monday, April 27th. The technology company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.04. Check Point Software Technologies had a net margin of 41.03% and a return on equity of 23.45%. The business had revenue of $486.50 million for the quarter, compared to analysts’ expectations of $480.78 million. During the same period last year, the business earned $1.32 EPS. The company’s revenue was up 3.1% compared to the same quarter last year. Research analysts predict that Check Point Software Technologies will post 5.66 earnings per share for the current year.

Several large investors have recently bought and sold shares of the company. Massachusetts Financial Services Co. MA increased its holdings in shares of Check Point Software Technologies by 2.9% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,558,499 shares of the technology company’s stock valued at $961,012,000 after purchasing an additional 271,150 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Check Point Software Technologies by 2.7% during the 1st quarter. Franklin Resources Inc. now owns 4,262,263 shares of the technology company’s stock valued at $428,527,000 after acquiring an additional 112,451 shares during the last quarter. State Street Corp boosted its position in shares of Check Point Software Technologies by 12.1% during the 1st quarter. State Street Corp now owns 2,895,886 shares of the technology company’s stock valued at $291,152,000 after acquiring an additional 312,165 shares during the last quarter. APG Asset Management N.V. boosted its position in shares of Check Point Software Technologies by 1,144.8% during the 1st quarter. APG Asset Management N.V. now owns 2,235,672 shares of the technology company’s stock valued at $251,850,000 after acquiring an additional 2,056,064 shares during the last quarter. Finally, Atlanta Capital Management Co. L L C boosted its position in shares of Check Point Software Technologies by 6.0% during the 1st quarter. Atlanta Capital Management Co. L L C now owns 1,599,530 shares of the technology company’s stock valued at $160,817,000 after acquiring an additional 90,229 shares during the last quarter. 68.44% of the stock is owned by hedge funds and other institutional investors.

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 portfolio of network and gateway solutions, management solutions, and data and endpoint security solutions. It provides Check Point Infinity Architecture, a cyber security architecture that protects against 5th generation mega cyber-attacks across various networks, endpoint, cloud, and mobile; security gateways from platforms for small business and small office locations, high end and high demanding data centers, and perimeter environments; and Check Point SandBlast family for threat prevention and zero-day protections.

Featured Story: Dividend Achievers

Get a free copy of the Zacks research report on Check Point Software Technologies (CHKP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Check Point Software Technologies (NASDAQ:CHKP)

Receive News & Ratings for Check Point Software Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Check Point Software Technologies and related companies with MarketBeat.com's FREE daily email newsletter.