Check Point Software Technologies Ltd. (CHKP) Downgraded to Hold at Davenport

Check Point Software Technologies Ltd. (CHKP) has been downgraded today by the securities research analysts at investment firm Davenport which downgraded Check Point from a “buy” rating to “hold” noting they believe the company is close to being fairly valued at this time.  Davenport did not provide a price target adjustment for the company.  ‘CHKP’ is up during intraday trading and is continuing its sixth consecutive day of overall bullish momentum despite today’s downgrade by Davenport.

Check Point is slated to release their next earnings report on July 21st, 2011 and the current consensus EPS estimate is expected to be a positive 66 cents.  Check Point’s last earnings report was released on April 14th, 2011 and announced positive EPS of 64 cents with revenue totaling $281.3 million which was up 14.8 % year to year.  ‘CHKP’ is currently trading above its 50 & 200-day moving averages and 2011 is currently an up year for the company.

Check Point Software Technologies Ltd. core competencies are developing security solutions to protect business and consumer transactions and communications over the Internet, and reducing the complexity in Internet security.  The company has market capitalization of $11,528,000,000 and 208,400,000 shares outstanding.  CHKP has a 52-week high of $56.34 with the low being $28.82 dollars.

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