Check Point Software Technologies (NASDAQ:CHKP) Sets New 52-Week High – Here’s Why

Check Point Software Technologies Ltd. (NASDAQ:CHKP) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $232.66 and last traded at $229.69, with a volume of 18455 shares. The stock had previously closed at $230.58.

Analyst Upgrades and Downgrades

CHKP has been the subject of a number of research reports. Citigroup increased their price objective on Check Point Software Technologies from $185.00 to $190.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. JPMorgan Chase & Co. raised shares of Check Point Software Technologies from a “neutral” rating to an “overweight” rating and upped their target price for the company from $221.00 to $255.00 in a report on Wednesday, February 26th. Guggenheim reaffirmed a “neutral” rating on shares of Check Point Software Technologies in a report on Friday, January 31st. Royal Bank of Canada restated a “sector perform” rating and set a $215.00 price objective on shares of Check Point Software Technologies in a report on Thursday, February 27th. Finally, Baird R W upgraded shares of Check Point Software Technologies from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 27th. Sixteen analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Check Point Software Technologies currently has an average rating of “Hold” and an average price target of $232.82.

Check Point Software Technologies Stock Up 1.5 %

The business’s fifty day moving average is $216.77 and its 200-day moving average is $198.20. The company has a market cap of $25.44 billion, a PE ratio of 30.97, a P/E/G ratio of 3.41 and a beta of 0.62.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank purchased a new stake in shares of Check Point Software Technologies in the 4th quarter worth $428,820,000. Causeway Capital Management LLC grew its holdings in Check Point Software Technologies by 33.8% during the fourth quarter. Causeway Capital Management LLC now owns 1,929,604 shares of the technology company’s stock valued at $360,257,000 after purchasing an additional 487,823 shares during the period. First Trust Advisors LP increased its position in Check Point Software Technologies by 17.4% in the fourth quarter. First Trust Advisors LP now owns 1,822,787 shares of the technology company’s stock worth $340,314,000 after buying an additional 269,925 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Check Point Software Technologies by 10.6% in the fourth quarter. Ameriprise Financial Inc. now owns 1,429,724 shares of the technology company’s stock worth $266,930,000 after buying an additional 136,699 shares during the period. Finally, FMR LLC lifted its position in shares of Check Point Software Technologies by 28.7% during the 3rd quarter. FMR LLC now owns 1,133,175 shares of the technology company’s stock valued at $218,488,000 after buying an additional 252,581 shares in the last quarter. Hedge funds and other institutional investors own 98.51% 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.