Sound Shore Management Inc. CT Cuts Holdings in Check Point Software Technologies Ltd. (NASDAQ:CHKP)

Sound Shore Management Inc. CT trimmed its position in Check Point Software Technologies Ltd. (NASDAQ:CHKP) by 3.2% during the 2nd quarter, HoldingsChannel reports. The firm owned 460,592 shares of the technology company’s stock after selling 15,219 shares during the quarter. Check Point Software Technologies accounts for about 2.5% of Sound Shore Management Inc. CT’s investment portfolio, making the stock its 22nd largest holding. Sound Shore Management Inc. CT’s holdings in Check Point Software Technologies were worth $75,998,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CHKP. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Check Point Software Technologies in the second quarter worth $30,000. Concord Wealth Partners purchased a new position in shares of Check Point Software Technologies in the 1st quarter worth $31,000. Richardson Financial Services Inc. bought a new stake in shares of Check Point Software Technologies in the 4th quarter worth about $33,000. Transcendent Capital Group LLC purchased a new stake in shares of Check Point Software Technologies during the 1st quarter valued at about $107,000. Finally, Alaska Permanent Fund Corp bought a new position in shares of Check Point Software Technologies in the 1st quarter valued at about $117,000. 87.62% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on CHKP shares. Royal Bank of Canada boosted their price objective on Check Point Software Technologies from $165.00 to $187.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 25th. Susquehanna lifted their target price on Check Point Software Technologies from $200.00 to $215.00 and gave the stock a “positive” rating in a report on Thursday, July 25th. JPMorgan Chase & Co. increased their price target on Check Point Software Technologies from $175.00 to $180.00 and gave the company a “neutral” rating in a report on Thursday, July 25th. Needham & Company LLC restated a “hold” rating on shares of Check Point Software Technologies in a research report on Thursday, July 25th. Finally, BMO Capital Markets boosted their price objective on shares of Check Point Software Technologies from $180.00 to $200.00 and gave the company a “market perform” rating in a research report on Thursday, July 25th. Sixteen analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Check Point Software Technologies presently has an average rating of “Hold” and a consensus price target of $183.68.

Check Point Software Technologies Stock Performance

CHKP stock opened at $194.09 on Friday. Check Point Software Technologies Ltd. has a one year low of $126.57 and a one year high of $195.29. The firm has a market cap of $21.91 billion, a price-to-earnings ratio of 26.96, a PEG ratio of 2.96 and a beta of 0.62. The firm has a 50-day simple moving average of $184.48 and a two-hundred day simple moving average of $167.73.

Check Point Software Technologies (NASDAQ:CHKP) last issued its quarterly earnings results on Wednesday, July 24th. The technology company reported $2.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.16 by $0.01. The business had revenue of $627.40 million for the quarter, compared to the consensus estimate of $623.19 million. Check Point Software Technologies had a return on equity of 31.59% and a net margin of 33.61%. The business’s quarterly revenue was up 6.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.74 earnings per share. As a group, equities analysts predict that Check Point Software Technologies Ltd. will post 7.83 earnings per share for the current fiscal year.

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.