Royal Bank of Canada Forecasts Strong Price Appreciation for Check Point Software Technologies (NASDAQ:CHKP) Stock

Check Point Software Technologies (NASDAQ:CHKP) had its price target increased by equities researchers at Royal Bank of Canada from $187.00 to $215.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “sector perform” rating on the technology company’s stock. Royal Bank of Canada’s price target indicates a potential downside of 2.19% from the company’s current price.

Other research analysts also recently issued reports about the stock. Morgan Stanley boosted their price objective on shares of Check Point Software Technologies from $183.00 to $200.00 and gave the company an “equal weight” rating in a research report on Friday. Truist Financial reiterated a “buy” rating and issued a $250.00 target price (up previously from $220.00) on shares of Check Point Software Technologies in a research report on Friday. Piper Sandler increased their target price on shares of Check Point Software Technologies from $185.00 to $195.00 and gave the stock a “neutral” rating in a report on Monday, January 6th. Susquehanna upped their price objective on shares of Check Point Software Technologies from $215.00 to $255.00 and gave the stock a “positive” rating in a research report on Friday. Finally, Scotiabank raised their target price on shares of Check Point Software Technologies from $215.00 to $250.00 and gave the company a “sector outperform” rating in a research report on Friday. Eighteen equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $214.57.

Check Point Software Technologies Stock Up 0.4 %

Shares of NASDAQ:CHKP traded up $0.83 during trading on Friday, reaching $219.82. 534,798 shares of the company traded hands, compared to its average volume of 797,466. Check Point Software Technologies has a 52 week low of $145.75 and a 52 week high of $226.02. The firm has a market capitalization of $24.18 billion, a PE ratio of 30.07, a PEG ratio of 3.19 and a beta of 0.63. The company’s 50 day moving average is $187.94 and its two-hundred day moving average is $187.44.

Check Point Software Technologies (NASDAQ:CHKP) last released its earnings results on Tuesday, October 29th. The technology company reported $2.25 EPS for the quarter, meeting 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 firm had revenue of $635.10 million for the quarter, compared to analyst estimates of $634.96 million. During the same period last year, the firm earned $1.80 EPS. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. As a group, research analysts anticipate that Check Point Software Technologies will post 7.87 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CHKP. FSA Wealth Management LLC purchased a new stake in Check Point Software Technologies during the third quarter valued at about $27,000. Kathleen S. Wright Associates Inc. purchased a new position in shares of Check Point Software Technologies during the third quarter valued at approximately $33,000. GAMMA Investing LLC raised its holdings in Check Point Software Technologies by 53.1% in the 4th quarter. GAMMA Investing LLC now owns 173 shares of the technology company’s stock worth $32,000 after purchasing an additional 60 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in Check Point Software Technologies in the fourth quarter worth about $35,000. Finally, Concord Wealth Partners purchased a new position in shares of Check Point Software Technologies in the 3rd quarter valued at approximately $37,000. 98.51% of the stock is currently owned by hedge funds and other 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.