Check Point Software Technologies (NASDAQ:CHKP) Releases Quarterly Earnings Results, Meets Expectations

Check Point Software Technologies (NASDAQ:CHKP) released its quarterly earnings data on Thursday. The technology company reported $1.72 earnings per share for the quarter, meeting the consensus estimate of $1.72, reports. Check Point Software Technologies had a return on equity of 31.30% and a net margin of 34.33%. The business had revenue of $598.80 million for the quarter, compared to analyst estimates of $595.28 million.

Check Point Software Technologies Price Performance

NASDAQ CHKP opened at $151.20 on Friday. Check Point Software Technologies has a one year low of $117.18 and a one year high of $168.82. The business has a 50 day simple moving average of $161.41 and a 200 day simple moving average of $153.01. The stock has a market capitalization of $18.26 billion, a P/E ratio of 21.00, a P/E/G ratio of 2.45 and a beta of 0.61.

Analysts Set New Price Targets

Several brokerages recently commented on CHKP. Barclays increased their price objective on shares of Check Point Software Technologies from $170.00 to $175.00 and gave the company an “equal weight” rating in a research note on Friday. William Blair upgraded Check Point Software Technologies from a “market perform” rating to an “outperform” rating in a research report on Wednesday, January 31st. Wells Fargo & Company increased their target price on Check Point Software Technologies from $132.00 to $162.00 and gave the company an “equal weight” rating in a research report on Monday, January 29th. Wedbush reiterated an “outperform” rating and set a $185.00 target price on shares of Check Point Software Technologies in a research report on Friday. Finally, Citigroup upped their price target on shares of Check Point Software Technologies from $140.00 to $155.00 and gave the company a “neutral” rating in a research report on Wednesday, January 10th. Thirteen analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $164.00.

Hedge Funds Weigh In On Check Point Software Technologies

Institutional investors and hedge funds have recently modified their holdings of the business. Concord Wealth Partners bought a new stake in shares of Check Point Software Technologies in the 3rd quarter valued at $25,000. CNB Bank bought a new position in shares of Check Point Software Technologies during the 3rd quarter worth about $27,000. Bruce G. Allen Investments LLC acquired a new stake in shares of Check Point Software Technologies in the 4th quarter valued at about $30,000. Richardson Financial Services Inc. bought a new stake in shares of Check Point Software Technologies during the fourth quarter valued at approximately $33,000. Finally, Salem Investment Counselors Inc. raised its position in shares of Check Point Software Technologies by 483.7% during the fourth quarter. Salem Investment Counselors Inc. now owns 286 shares of the technology company’s stock worth $44,000 after purchasing an additional 237 shares during the period. 87.62% of the stock is currently owned by institutional investors.

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.