Check Point Software Technologies (NASDAQ:CHKP) Downgraded to “Neutral” Rating by Bank of America

Bank of America lowered shares of Check Point Software Technologies (NASDAQ:CHKP) from a buy rating to a neutral rating in a research note issued to investors on Wednesday morning, Marketbeat Ratings reports. Bank of America currently has $195.00 price objective on the technology company’s stock, down from their previous price objective of $205.00.

Several other research firms have also recently issued reports on CHKP. Jefferies Financial Group boosted their target price on shares of Check Point Software Technologies from $210.00 to $225.00 and gave the company a “buy” rating in a research note on Tuesday, September 24th. Susquehanna boosted their target price on shares of Check Point Software Technologies from $200.00 to $215.00 and gave the company a “positive” rating in a research note on Thursday, July 25th. BMO Capital Markets boosted their target price on shares of 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. Wedbush boosted their target price on shares of 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. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Check Point Software Technologies from $175.00 to $185.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. Fifteen equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $197.74.

Check Point Software Technologies Stock Down 1.6 %

Shares of Check Point Software Technologies stock opened at $170.50 on Wednesday. The company has a market cap of $18.75 billion, a P/E ratio of 23.29, a PEG ratio of 2.71 and a beta of 0.63. Check Point Software Technologies has a 52-week low of $134.72 and a 52-week high of $210.70. The firm’s 50 day moving average price is $194.47 and its 200-day moving average price is $174.87.

Check Point Software Technologies (NASDAQ:CHKP) last released its earnings results 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 net margin of 33.17% and a return on equity of 31.84%. The company had revenue of $635.10 million for the quarter, compared to the consensus estimate of $634.96 million. During the same quarter in the previous year, the firm earned $1.80 EPS. Check Point Software Technologies’s revenue was up 6.5% compared to the same quarter last year. As a group, equities research analysts forecast that Check Point Software Technologies will post 7.84 EPS for the current fiscal year.

Institutional Investors Weigh In On Check Point Software Technologies

A number of large investors have recently modified their holdings of CHKP. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Check Point Software Technologies during the second quarter worth $30,000. Kathleen S. Wright Associates Inc. purchased a new stake in shares of Check Point Software Technologies in the third quarter valued at about $33,000. Concord Wealth Partners purchased a new stake in shares of Check Point Software Technologies in the third quarter valued at about $37,000. FSC Wealth Advisors LLC purchased a new stake in shares of Check Point Software Technologies in the third quarter valued at about $60,000. Finally, Sound Income Strategies LLC grew its holdings in shares of Check Point Software Technologies by 654.4% in the third quarter. Sound Income Strategies LLC now owns 430 shares of the technology company’s stock valued at $83,000 after purchasing an additional 373 shares during the period. Hedge funds and other institutional investors own 87.62% 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 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.