Check Point Software Technologies (NASDAQ:CHKP) Price Target Lowered to $215.00 at Morgan Stanley

Key Points

• Morgan Stanley has lowered the price target for Check Point Software Technologies from $230.00 to $215.00 while maintaining an "equal weight" rating on the stock, indicating a potential upside of 16.05% from its current price.
• Recent analyst reports show a mixed outlook, with Royal Bank of Canada and Stephens also reducing their price targets, while Mizuho increased its target from $230.00 to $240.00.
• The company's recent earnings report indicated a 6.0% increase in revenue year-over-year, with an earnings per share of $2.37, slightly above analyst expectations.

Check Point Software Technologies (NASDAQ:CHKP - Get Free Report) had its price target reduced by research analysts at Morgan Stanley from $230.00 to $215.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an "equal weight" rating on the technology company's stock. Morgan Stanley's price target indicates a potential upside of 16.05% from the stock's current price.

Several other research analysts also recently weighed in on the stock. Royal Bank Of Canada lowered their price objective on shares of Check Point Software Technologies from $224.00 to $207.00 and set a "sector perform" rating on the stock in a report on Thursday. Stephens lowered their price objective on shares of Check Point Software Technologies from $229.00 to $210.00 and set an "equal weight" rating on the stock in a report on Thursday. Mizuho upped their price objective on shares of Check Point Software Technologies from $230.00 to $240.00 and gave the stock a "neutral" rating in a report on Monday, June 16th. Roth Capital assumed coverage on shares of Check Point Software Technologies in a report on Wednesday, April 23rd. They set a "neutral" rating and a $215.00 price objective on the stock. Finally, Wells Fargo & Company reduced their target price on shares of Check Point Software Technologies from $265.00 to $225.00 and set an "overweight" rating for the company in a research note on Thursday. Fifteen analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $228.08.

Check Point Software Technologies Price Performance

Shares of NASDAQ:CHKP traded down $1.40 during mid-day trading on Thursday, hitting $185.27. The company had a trading volume of 1,174,064 shares, compared to its average volume of 914,400. The firm has a fifty day moving average price of $222.10 and a 200 day moving average price of $217.84. The company has a market capitalization of $20.38 billion, a PE ratio of 24.44, a price-to-earnings-growth ratio of 3.12 and a beta of 0.64. Check Point Software Technologies has a one year low of $169.01 and a one year high of $234.35.

Check Point Software Technologies (NASDAQ:CHKP - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The technology company reported $2.37 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.01. The company had revenue of $665.20 million during the quarter, compared to analyst estimates of $663.10 million. Check Point Software Technologies had a net margin of 32.75% and a return on equity of 32.88%. Check Point Software Technologies's revenue for the quarter was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.17 EPS. Research analysts expect that Check Point Software Technologies will post 8.61 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CHKP. Nemes Rush Group LLC bought a new position in shares of Check Point Software Technologies during the 4th quarter valued at approximately $25,000. Capital A Wealth Management LLC purchased a new position in shares of Check Point Software Technologies during the fourth quarter valued at $29,000. Horizon Investments LLC boosted its position in Check Point Software Technologies by 116.4% during the first quarter. Horizon Investments LLC now owns 158 shares of the technology company's stock valued at $36,000 after purchasing an additional 85 shares in the last quarter. Cromwell Holdings LLC bought a new stake in Check Point Software Technologies during the first quarter valued at about $37,000. Finally, Quarry LP boosted its position in Check Point Software Technologies by 100.0% during the fourth quarter. Quarry LP now owns 206 shares of the technology company's stock valued at $38,000 after purchasing an additional 103 shares in the last quarter. 98.51% 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.

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