Allianz Asset Management GmbH Raises Stock Holdings in Check Point Software Technologies Ltd. (NASDAQ:CHKP)

Key Points

• Allianz Asset Management GmbH increased its stake in Check Point Software Technologies by 16.0%, owning 42,680 shares valued at $9.7 million as of the latest SEC filing.
• Institutional investors now own 98.51% of Check Point's stock, with several firms, including Norges Bank and Causeway Capital Management, substantially increasing their holdings in the past quarter.
• Check Point's stock fell 0.9%, currently trading at $220.11, with analysts generally rating it as a "Moderate Buy" and setting a consensus price target of $236.50.

Allianz Asset Management GmbH grew its position in shares of Check Point Software Technologies Ltd. (NASDAQ:CHKP - Free Report) by 16.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,680 shares of the technology company's stock after purchasing an additional 5,896 shares during the period. Allianz Asset Management GmbH's holdings in Check Point Software Technologies were worth $9,728,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new stake in Check Point Software Technologies in the fourth quarter worth approximately $428,820,000. Victory Capital Management Inc. boosted its stake in shares of Check Point Software Technologies by 2,704.5% during the first quarter. Victory Capital Management Inc. now owns 1,304,551 shares of the technology company's stock valued at $297,333,000 after purchasing an additional 1,258,034 shares during the period. Bessemer Group Inc. grew its holdings in shares of Check Point Software Technologies by 5,396.1% in the first quarter. Bessemer Group Inc. now owns 658,485 shares of the technology company's stock worth $150,081,000 after purchasing an additional 646,504 shares during the last quarter. Clearbridge Investments LLC purchased a new stake in Check Point Software Technologies during the 4th quarter valued at $100,456,000. Finally, Causeway Capital Management LLC grew its holdings in Check Point Software Technologies by 33.8% in the 4th quarter. Causeway Capital Management LLC now owns 1,929,604 shares of the technology company's stock worth $360,257,000 after acquiring an additional 487,823 shares during the last quarter. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CHKP. Cantor Fitzgerald increased their target price on shares of Check Point Software Technologies from $220.00 to $230.00 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. Stephens cut their price objective on Check Point Software Technologies from $255.00 to $229.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 24th. Wedbush reissued an "outperform" rating and set a $240.00 target price on shares of Check Point Software Technologies in a research note on Thursday, April 24th. Wells Fargo & Company dropped their price target on Check Point Software Technologies from $280.00 to $265.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. Finally, BMO Capital Markets reiterated an "outperform" rating and issued a $250.00 price target on shares of Check Point Software Technologies in a report on Wednesday, April 23rd. Fifteen investment 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 stock. Based on data from MarketBeat, Check Point Software Technologies presently has an average rating of "Moderate Buy" and a consensus price target of $236.50.

Check Point Software Technologies Stock Performance

Shares of CHKP traded down $1.82 on Monday, hitting $218.29. 1,064,255 shares of the stock traded hands, compared to its average volume of 884,849. Check Point Software Technologies Ltd. has a one year low of $169.01 and a one year high of $234.35. The company has a market capitalization of $24.01 billion, a PE ratio of 28.80, a P/E/G ratio of 3.15 and a beta of 0.64. The business has a 50 day simple moving average of $222.85 and a 200 day simple moving average of $217.81.

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.