Check Point Software Technologies (NASDAQ:CHKP) Price Target Raised to $200.00 at Scotiabank

Check Point Software Technologies (NASDAQ:CHKP) had its target price raised by Scotiabank from $180.00 to $200.00 in a report issued on Thursday morning, Benzinga reports. Scotiabank currently has a sector outperform rating on the technology company’s stock.

A number of other research firms also recently issued reports on CHKP. Royal Bank of Canada boosted their price target on Check Point Software Technologies from $165.00 to $187.00 and gave the company a sector perform rating in a research note on Thursday. Barclays boosted their price objective on shares of Check Point Software Technologies from $175.00 to $192.00 and gave the company an equal weight rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft raised their target price on Check Point Software Technologies from $175.00 to $185.00 and gave the stock a hold rating in a report on Thursday. Jefferies Financial Group boosted their price target on Check Point Software Technologies from $185.00 to $210.00 and gave the company a buy rating in a report on Thursday. Finally, KeyCorp raised Check Point Software Technologies to a hold rating in a research report on Tuesday, May 14th. Fifteen equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $183.68.

Check Point Software Technologies Stock Up 0.9 %

Shares of Check Point Software Technologies stock opened at $182.74 on Thursday. Check Point Software Technologies has a twelve month low of $125.68 and a twelve month high of $184.67. The company has a market cap of $20.63 billion, a price-to-earnings ratio of 25.38, a price-to-earnings-growth ratio of 2.89 and a beta of 0.62. The company’s 50 day moving average is $161.86 and its 200 day moving average is $160.31.

Check Point Software Technologies (NASDAQ:CHKP) last released its quarterly earnings results on Wednesday, July 24th. The technology company reported $2.17 earnings per share for the quarter, beating the consensus estimate of $2.16 by $0.01. Check Point Software Technologies had a return on equity of 31.59% and a net margin of 33.61%. The firm had revenue of $627.40 million for the quarter, compared to analysts’ expectations of $623.19 million. During the same period in the prior year, the firm earned $1.74 EPS. The company’s revenue was up 6.6% compared to the same quarter last year. Sell-side analysts expect that Check Point Software Technologies will post 7.8 EPS for the current fiscal year.

Institutional Investors Weigh In On Check Point Software Technologies

A number of hedge funds have recently made changes to their positions in the company. Argonautica Private Wealth Management Inc. increased its stake in Check Point Software Technologies by 1.3% in the 2nd quarter. Argonautica Private Wealth Management Inc. now owns 5,928 shares of the technology company’s stock worth $978,000 after acquiring an additional 78 shares during the last quarter. Simmons Bank boosted its position in shares of Check Point Software Technologies by 11.2% during the 2nd quarter. Simmons Bank now owns 28,895 shares of the technology company’s stock valued at $4,768,000 after acquiring an additional 2,901 shares during the last quarter. Patriot Financial Group Insurance Agency LLC grew its holdings in shares of Check Point Software Technologies by 16.0% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 5,336 shares of the technology company’s stock valued at $880,000 after purchasing an additional 735 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its position in Check Point Software Technologies by 7.4% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 15,569 shares of the technology company’s stock worth $2,569,000 after purchasing an additional 1,077 shares during the last quarter. Finally, ARK Investment Management LLC raised its stake in Check Point Software Technologies by 1.8% during the second quarter. ARK Investment Management LLC now owns 13,669 shares of the technology company’s stock valued at $2,255,000 after purchasing an additional 241 shares in the last quarter. 87.62% 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.