Bank of America Upgrades Check Point Software Technologies (NASDAQ:CHKP) to Buy

Check Point Software Technologies (NASDAQ:CHKP) was upgraded by investment analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued to investors on Thursday, MarketBeat reports. The brokerage presently has a $260.00 price objective on the technology company’s stock, up from their prior price objective of $230.00. Bank of America‘s price objective would indicate a potential upside of 13.85% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on CHKP. Wells Fargo & Company upgraded Check Point Software Technologies from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $200.00 to $280.00 in a report on Friday, March 14th. Morgan Stanley initiated coverage on Check Point Software Technologies in a research note on Tuesday, March 18th. They set an “equal weight” rating and a $235.00 price objective on the stock. BMO Capital Markets boosted their target price on Check Point Software Technologies from $215.00 to $245.00 and gave the company a “market perform” rating in a research note on Monday, February 3rd. Scotiabank raised their price target on Check Point Software Technologies from $215.00 to $250.00 and gave the stock a “sector outperform” rating in a research report on Friday, January 31st. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $215.00 price target on shares of Check Point Software Technologies in a research note on Thursday, February 27th. Fifteen equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $234.18.

Check Point Software Technologies Price Performance

Shares of NASDAQ:CHKP opened at $228.37 on Thursday. The stock has a market cap of $25.12 billion, a price-to-earnings ratio of 30.57, a P/E/G ratio of 3.41 and a beta of 0.62. The company has a 50 day moving average of $217.58 and a 200-day moving average of $198.48. Check Point Software Technologies has a one year low of $145.75 and a one year high of $234.36.

Hedge Funds Weigh In On Check Point Software Technologies

A number of institutional investors have recently bought and sold shares of CHKP. Nemes Rush Group LLC acquired a new position in shares of Check Point Software Technologies during the 4th quarter worth approximately $25,000. FSA Wealth Management LLC bought a new stake in Check Point Software Technologies in the 3rd quarter valued at $27,000. Capital A Wealth Management LLC acquired a new position in Check Point Software Technologies in the 4th quarter valued at $29,000. GAMMA Investing LLC lifted its holdings in shares of Check Point Software Technologies by 53.1% during the fourth quarter. GAMMA Investing LLC now owns 173 shares of the technology company’s stock worth $32,000 after buying an additional 60 shares in the last quarter. Finally, Golden State Wealth Management LLC bought a new stake in shares of Check Point Software Technologies in the fourth quarter valued at about $35,000. Institutional investors and hedge funds own 98.51% of the company’s stock.

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.