Inspire Advisors LLC Cuts Stock Holdings in Check Point Software Technologies Ltd. (NASDAQ:CHKP)

Inspire Advisors LLC decreased its stake in shares of Check Point Software Technologies Ltd. (NASDAQ:CHKP) by 8.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,588 shares of the technology company’s stock after selling 329 shares during the period. Inspire Advisors LLC’s holdings in Check Point Software Technologies were worth $592,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Tidal Investments LLC bought a new stake in Check Point Software Technologies during the first quarter worth $6,558,000. Principal Financial Group Inc. lifted its holdings in Check Point Software Technologies by 69.3% during the fourth quarter. Principal Financial Group Inc. now owns 27,026 shares of the technology company’s stock worth $4,129,000 after acquiring an additional 11,064 shares during the period. Quantbot Technologies LP bought a new stake in Check Point Software Technologies during the first quarter worth $1,095,000. Envestnet Asset Management Inc. lifted its holdings in Check Point Software Technologies by 4.9% during the fourth quarter. Envestnet Asset Management Inc. now owns 379,889 shares of the technology company’s stock worth $58,043,000 after acquiring an additional 17,916 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Check Point Software Technologies by 8.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 97,434 shares of the technology company’s stock valued at $15,980,000 after buying an additional 7,357 shares during the period. Hedge funds and other institutional investors own 87.62% of the company’s stock.

Wall Street Analyst Weigh In

CHKP has been the topic of several research reports. Truist Financial restated a “buy” rating and issued a $200.00 target price (up from $175.00) on shares of Check Point Software Technologies in a research note on Thursday, July 25th. BMO Capital Markets lifted their price target on Check Point Software Technologies from $180.00 to $200.00 and gave the company a “market perform” rating in a research report on Thursday, July 25th. Wedbush lifted their price target on Check Point Software Technologies from $185.00 to $200.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. JPMorgan Chase & Co. boosted their target price on Check Point Software Technologies from $175.00 to $180.00 and gave the stock a “neutral” rating in a research report on Thursday, July 25th. Finally, Robert W. Baird boosted their target price on Check Point Software Technologies from $168.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, July 25th. Fifteen equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $183.68.

Check Point Software Technologies Price Performance

NASDAQ CHKP opened at $195.17 on Friday. The business’s fifty day moving average price is $182.33 and its 200-day moving average price is $166.67. The stock has a market capitalization of $22.04 billion, a price-to-earnings ratio of 27.11, a PEG ratio of 2.96 and a beta of 0.62. Check Point Software Technologies Ltd. has a 1-year low of $126.57 and a 1-year high of $195.29.

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. Equities research analysts anticipate that Check Point Software Technologies Ltd. will post 7.83 EPS for the current year.

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.