Check Point Software Technologies (NASDAQ:CHKP) Stock Price Down 6.5% – What’s Next?

Check Point Software Technologies Ltd. (NASDAQ:CHKP) traded down 6.5% on Monday. The stock traded as low as $144.08 and last traded at $142.1570. Approximately 430,012 shares were traded during trading, a decline of 68% from the average daily volume of 1,341,361 shares. The stock had previously closed at $152.11.

Analyst Ratings Changes

CHKP has been the subject of several research analyst reports. Scotiabank raised Check Point Software Technologies from a “sector perform” rating to an “outperform” rating and set a $185.00 price objective for the company in a report on Monday, July 6th. Bank of America increased their target price on Check Point Software Technologies from $120.00 to $140.00 and gave the company a “neutral” rating in a report on Monday, July 27th. Wells Fargo & Company dropped their target price on Check Point Software Technologies from $140.00 to $130.00 and set an “equal weight” rating on the stock in a research report on Friday, July 31st. JPMorgan Chase & Co. downgraded Check Point Software Technologies from an “overweight” rating to a “neutral” rating and set a $135.00 price target for the company. in a research note on Monday, July 27th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $150.00 price target on shares of Check Point Software Technologies in a research report on Monday, October 26th. Nine analysts have rated the stock with a Buy rating and eighteen have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $150.39.

Check Point Software Technologies Trading Down 4.0%

The stock has a 50-day moving average price of $137.39 and a two-hundred day moving average price of $141.75. The stock has a market capitalization of $14.91 billion, a PE ratio of 14.95, a PEG ratio of 4.35 and a beta of 0.43. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.67 and a current ratio of 1.67.

Check Point Software Technologies (NASDAQ:CHKP) last released its earnings results on Monday, November 2nd. The technology company reported $2.49 EPS for the quarter, topping analysts’ consensus estimates of $2.48 by $0.01. Check Point Software Technologies had a net margin of 37.93% and a return on equity of 38.80%. The company had revenue of $669.80 million for the quarter, compared to analysts’ expectations of $672.06 million. During the same quarter last year, the business earned $3.94 EPS. The firm’s revenue was down 1.1% compared to the same quarter last year. As a group, equities analysts forecast that Check Point Software Technologies Ltd. will post 8.45 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Nataly Kremer sold 3,185 shares of Check Point Software Technologies stock in a transaction on Thursday, October 22nd. The shares were sold at an average price of $150.08, for a total transaction of $478,004.80. Following the transaction, the insider owned 19,347 shares in the company, valued at approximately $2,903,597.76. The trade was a 14.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Sherif Seddik sold 10,272 shares of the company’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $123.59, for a total value of $1,269,516.48. Following the completion of the transaction, the executive directly owned 24,675 shares of the company’s stock, valued at approximately $3,049,583.25. This trade represents a 29.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 29.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Check Point Software Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Junto Capital Management LP bought a new stake in Check Point Software Technologies in the 2nd quarter valued at $72,445,000. Renaissance Technologies LLC bought a new position in shares of Check Point Software Technologies during the 1st quarter valued at about $34,171,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Check Point Software Technologies during the second quarter valued at about $25,752,000. Bank of America Corp DE grew its position in shares of Check Point Software Technologies by 26.6% during the first quarter. Bank of America Corp DE now owns 808,428 shares of the technology company’s stock valued at $115,484,000 after purchasing an additional 170,024 shares in the last quarter. Finally, Mizuho Markets Americas LLC increased its holdings in shares of Check Point Software Technologies by 633.4% in the first quarter. Mizuho Markets Americas LLC now owns 158,900 shares of the technology company’s stock worth $22,699,000 after purchasing an additional 137,235 shares during the last quarter. Institutional investors own 98.51% of the company’s stock.

About Check Point Software Technologies

Check Point Software Technologies Ltd. is a cybersecurity company that develops products and services designed to protect organizations, governments and consumers from cyber threats. Its offerings help secure networks, cloud environments, endpoints, mobile devices, data and remote access, with capabilities including threat prevention, firewall protection, intrusion prevention, email security and security management.

The company organizes its portfolio under platforms that include Quantum for network security, CloudGuard for cloud security and Harmony for user, endpoint and remote-access protection.