Check Point Software Technologies (NASDAQ:CHKP) Updates Q1 2024 Earnings Guidance

Check Point Software Technologies (NASDAQ:CHKPGet Free Report) issued an update on its first quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 1.950-2.050 for the period, compared to the consensus earnings per share estimate of 2.010. The company issued revenue guidance of $575.0 million-$610.0 million, compared to the consensus revenue estimate of $595.5 million. Check Point Software Technologies also updated its FY 2024 guidance to 8.700-9.300 EPS.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CHKP. BMO Capital Markets lifted their target price on shares of Check Point Software Technologies from $140.00 to $142.00 and gave the company a market perform rating in a research note on Tuesday, October 31st. Needham & Company LLC started coverage on shares of Check Point Software Technologies in a research note on Wednesday, October 25th. They set a hold rating for the company. Morgan Stanley raised shares of Check Point Software Technologies from an underweight rating to an equal weight rating and lifted their price objective for the company from $118.00 to $144.00 in a report on Monday, October 16th. JPMorgan Chase & Co. boosted their price target on shares of Check Point Software Technologies from $135.00 to $150.00 and gave the stock a neutral rating in a research report on Monday, December 11th. Finally, Bank of America upped their price objective on shares of Check Point Software Technologies from $140.00 to $160.00 and gave the stock a buy rating in a report on Friday, November 24th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $144.85.

Check Out Our Latest Stock Analysis on Check Point Software Technologies

Check Point Software Technologies Stock Performance

NASDAQ:CHKP opened at $162.45 on Wednesday. Check Point Software Technologies has a 52 week low of $117.18 and a 52 week high of $166.71. The company has a market capitalization of $19.01 billion, a P/E ratio of 22.66, a P/E/G ratio of 2.67 and a beta of 0.62. The stock’s 50 day moving average price is $153.22 and its 200 day moving average price is $141.38.

Check Point Software Technologies (NASDAQ:CHKPGet Free Report) last released its quarterly earnings data on Tuesday, February 6th. The technology company reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.10. Check Point Software Technologies had a return on equity of 30.88% and a net margin of 36.03%. The firm had revenue of $663.50 million during the quarter, compared to analyst estimates of $662.09 million. During the same period in the prior year, the company posted $2.23 earnings per share. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Check Point Software Technologies will post 7.28 earnings per share for the current fiscal year.

Institutional Trading of Check Point Software Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. Resurgent Financial Advisors LLC acquired a new position in shares of Check Point Software Technologies during the 4th quarter worth about $28,000. Providence Capital Advisors LLC bought a new stake in shares of Check Point Software Technologies during the 1st quarter worth approximately $60,000. Brown Brothers Harriman & Co. raised its stake in shares of Check Point Software Technologies by 75.3% during the 1st quarter. Brown Brothers Harriman & Co. now owns 568 shares of the technology company’s stock worth $79,000 after purchasing an additional 244 shares in the last quarter. UniSuper Management Pty Ltd bought a new stake in Check Point Software Technologies in the 2nd quarter valued at $88,000. Finally, State of Wyoming raised its stake in Check Point Software Technologies by 1,512.5% in the 2nd quarter. State of Wyoming now owns 903 shares of the technology company’s stock valued at $113,000 after acquiring an additional 847 shares during the period. 68.34% of the stock is currently owned by institutional investors and hedge funds.

About Check Point Software Technologies

(Get Free Report)

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.

Recommended Stories

Earnings History and Estimates for Check Point Software Technologies (NASDAQ:CHKP)

Receive News & Ratings for Check Point Software Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Check Point Software Technologies and related companies with MarketBeat.com's FREE daily email newsletter.