Check Point Software Technologies Ltd. (NASDAQ:CHKP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm presently has a $91.00 price target on the stock. Zacks Investment Research’s target price suggests a potential upside of 11.53% from the company’s previous close.

According to Zacks, “Check Point is a provider of information technology (IT) security solutions across the world. The stock price has underperformed the broader market on a year-to-date basis. Nonetheless, we believe that the rapid adoption of Check Point’s data center appliances and continuous enhancements in data center product lines will provide ample support to its top line. The company’s focus on enhancing mobile capabilities will aid it to tap greater larger opportunities. Furthermore, Check Point’s strategy of growing through acquisitions is praiseworthy. However, near-term prospects for the company are not promising as changing customer spending behavior has recently hit several other players in this space. Intensifying competition and an uncertain macroeconomic environment add to its woes.”

Other research analysts have also issued reports about the company. Cowen and Company reaffirmed an “outperform” rating and issued a $87.00 target price on shares of Check Point Software Technologies in a research report on Monday, October 31st. Guggenheim started coverage on Check Point Software Technologies in a research note on Wednesday, September 14th. They set a “neutral” rating for the company. Wunderlich reiterated a “hold” rating and set a $85.00 price target on shares of Check Point Software Technologies in a research note on Tuesday, November 1st. Oppenheimer Holdings Inc. reiterated an “outperform” rating and set a $94.00 price target on shares of Check Point Software Technologies in a research note on Wednesday, August 17th. Finally, Macquarie reiterated a “neutral” rating on shares of Check Point Software Technologies in a research note on Monday, October 31st. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and thirteen have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $90.02.

Analyst Recommendations for Check Point Software Technologies (NASDAQ:CHKP)

Shares of Check Point Software Technologies (NASDAQ:CHKP) traded up 0.78% during midday trading on Wednesday, hitting $82.23. The stock had a trading volume of 451,081 shares. The firm has a 50-day moving average of $81.05 and a 200 day moving average of $79.79. The firm has a market cap of $13.91 billion, a PE ratio of 20.73 and a beta of 0.91. Check Point Software Technologies has a 12-month low of $71.64 and a 12-month high of $89.98.

Check Point Software Technologies (NASDAQ:CHKP) last issued its earnings results on Monday, October 31st. The company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.05. Check Point Software Technologies had a return on equity of 20.32% and a net margin of 40.73%. The company had revenue of $428 million for the quarter, compared to analyst estimates of $422.79 million. During the same period in the prior year, the firm posted $1.04 EPS. The business’s revenue was up 5.9% compared to the same quarter last year. On average, analysts expect that Check Point Software Technologies will post $4.52 earnings per share for the current year.

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Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bronfman E.L. Rothschild L.P. raised its position in shares of Check Point Software Technologies by 3.9% in the third quarter. Bronfman E.L. Rothschild L.P. now owns 1,388 shares of the company’s stock worth $108,000 after buying an additional 52 shares during the last quarter. J.Safra Asset Management Corp purchased a new position in shares of Check Point Software Technologies during the second quarter worth approximately $112,000. Financial Architects Inc raised its position in shares of Check Point Software Technologies by 95.3% in the third quarter. Financial Architects Inc now owns 1,500 shares of the company’s stock worth $117,000 after buying an additional 732 shares during the last quarter. Independent Portfolio Consultants Inc. purchased a new position in shares of Check Point Software Technologies during the third quarter worth approximately $125,000. Finally, Edmond DE Rothschild Monaco purchased a new position in shares of Check Point Software Technologies during the third quarter worth approximately $145,000. Hedge funds and other institutional investors own 71.38% of the company’s stock.

Check Point Software Technologies Company Profile

Check Point Software Technologies Ltd. (Check point) develops, markets and supports a range of products and services for information technology (IT) security. The Company’s products and services are sold to enterprises, service providers, small and medium sized businesses and consumers. It offers enterprises a platform to deploy independent, modular and interoperable security applications (Software Blades), such as firewall, virtual private network (VPN), intrusion prevention system (IPS), Application Control, Anti-Bot, antivirus, data loss prevention (DLP), policy management, event analysis or multi-domain management.

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