Check Point Software Technologies (NASDAQ:CHKP) Stock Price Down 3% - What's Next?

Check Point Software Technologies Ltd. (NASDAQ:CHKP - Get Free Report) fell 3% during trading on Wednesday . The company traded as low as $219.17 and last traded at $222.86. 244,463 shares changed hands during trading, a decline of 69% from the average session volume of 778,383 shares. The stock had previously closed at $229.65.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CHKP. Wells Fargo & Company lowered their target price on Check Point Software Technologies from $280.00 to $265.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. Bank of America upgraded Check Point Software Technologies from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $230.00 to $260.00 in a research note on Thursday, March 27th. Piper Sandler upgraded Check Point Software Technologies from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $220.00 to $260.00 in a research note on Monday, March 3rd. JPMorgan Chase & Co. upgraded Check Point Software Technologies from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $221.00 to $255.00 in a research note on Wednesday, February 26th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Check Point Software Technologies in a research note on Thursday, February 27th. Sixteen research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $232.04.

Check Point Software Technologies Price Performance

The firm's 50 day moving average is $219.86 and its 200 day moving average is $210.21. The company has a market cap of $24.08 billion, a PE ratio of 29.31, a PEG ratio of 3.41 and a beta of 0.66.

Check Point Software Technologies (NASDAQ:CHKP - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The technology company reported $2.21 EPS for the quarter, beating the consensus estimate of $2.19 by $0.02. Check Point Software Technologies had a net margin of 32.97% and a return on equity of 32.40%. The company had revenue of $637.80 million during the quarter, compared to analysts' expectations of $635.80 million. During the same quarter in the previous year, the company earned $2.04 earnings per share. Check Point Software Technologies's revenue for the quarter was up 6.5% on a year-over-year basis. As a group, analysts anticipate that Check Point Software Technologies Ltd. will post 8.61 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. World Investment Advisors grew its holdings in shares of Check Point Software Technologies by 4.4% during the fourth quarter. World Investment Advisors now owns 30,041 shares of the technology company's stock worth $5,609,000 after purchasing an additional 1,278 shares in the last quarter. Contravisory Investment Management Inc. purchased a new position in shares of Check Point Software Technologies during the first quarter worth about $1,057,000. Crux Wealth Advisors purchased a new position in shares of Check Point Software Technologies during the fourth quarter worth about $542,000. Truist Financial Corp grew its holdings in shares of Check Point Software Technologies by 2.6% during the fourth quarter. Truist Financial Corp now owns 119,504 shares of the technology company's stock worth $22,311,000 after purchasing an additional 3,080 shares in the last quarter. Finally, Vestmark Advisory Solutions Inc. grew its holdings in shares of Check Point Software Technologies by 99.3% during the fourth quarter. Vestmark Advisory Solutions Inc. now owns 4,973 shares of the technology company's stock worth $928,000 after purchasing an additional 2,478 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.