Check Point Software Technologies (NASDAQ:CHKP) Downgraded to “Underperform” at Bank of America

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Bank of America cut shares of Check Point Software Technologies (NASDAQ:CHKP) from a buy rating to an underperform rating in a research note released on Thursday morning, BenzingaRatingsTable reports. They currently have $116.00 price objective on the technology company’s stock, down from their prior price objective of $130.00.

A number of other research analysts have also recently commented on the stock. Robert W. Baird reissued a hold rating on shares of Check Point Software Technologies in a research report on Sunday, September 15th. Evercore ISI set a $105.00 target price on shares of Check Point Software Technologies and gave the stock a hold rating in a research report on Wednesday, July 24th. OTR Global cut shares of Check Point Software Technologies to a positive rating in a research report on Tuesday, July 16th. BidaskClub raised shares of Check Point Software Technologies from a strong sell rating to a sell rating in a research report on Thursday, September 12th. Finally, Cowen assumed coverage on shares of Check Point Software Technologies in a report on Thursday, May 23rd. They issued a market perform rating and a $120.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $123.94.

Shares of NASDAQ CHKP opened at $108.81 on Thursday. The company has a market cap of $16.59 billion, a PE ratio of 20.85, a price-to-earnings-growth ratio of 2.28 and a beta of 0.79. Check Point Software Technologies has a 12 month low of $98.57 and a 12 month high of $132.76. The company has a 50-day simple moving average of $109.19 and a 200-day simple moving average of $116.41.

Check Point Software Technologies (NASDAQ:CHKP) last issued its quarterly earnings results on Wednesday, July 24th. The technology company reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.24 by $0.14. Check Point Software Technologies had a net margin of 40.99% and a return on equity of 22.05%. The business had revenue of $488.10 million during the quarter, compared to the consensus estimate of $487.53 million. During the same period in the previous year, the firm posted $1.37 earnings per share. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. As a group, analysts expect that Check Point Software Technologies will post 5.49 EPS for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in CHKP. Motco bought a new stake in Check Point Software Technologies during the second quarter valued at $26,000. Private Capital Group LLC grew its position in shares of Check Point Software Technologies by 81.1% during the second quarter. Private Capital Group LLC now owns 288 shares of the technology company’s stock worth $28,000 after acquiring an additional 129 shares during the last quarter. Pinnacle Bank grew its position in shares of Check Point Software Technologies by 69.7% during the second quarter. Pinnacle Bank now owns 258 shares of the technology company’s stock worth $30,000 after acquiring an additional 106 shares during the last quarter. NuWave Investment Management LLC grew its position in shares of Check Point Software Technologies by 64.5% during the second quarter. NuWave Investment Management LLC now owns 306 shares of the technology company’s stock worth $36,000 after acquiring an additional 120 shares during the last quarter. Finally, Tower Research Capital LLC TRC bought a new position in shares of Check Point Software Technologies during the second quarter worth about $37,000. Hedge funds and other institutional investors own 70.85% of the company’s stock.

Check Point Software Technologies Company Profile

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.

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

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