Wedbush Comments on Check Point Software Technologies Ltd.’s Q1 2024 Earnings (NASDAQ:CHKP)

Check Point Software Technologies Ltd. (NASDAQ:CHKPFree Report) – Equities researchers at Wedbush lifted their Q1 2024 earnings estimates for Check Point Software Technologies in a report released on Wednesday, February 7th. Wedbush analyst D. Ives now expects that the technology company will post earnings per share of $1.72 for the quarter, up from their previous forecast of $1.66. Wedbush has a “Outperform” rating and a $185.00 price objective on the stock. The consensus estimate for Check Point Software Technologies’ current full-year earnings is $7.83 per share. Wedbush also issued estimates for Check Point Software Technologies’ Q2 2024 earnings at $1.77 EPS, Q4 2024 earnings at $2.51 EPS, FY2024 earnings at $7.87 EPS, Q1 2025 earnings at $1.74 EPS and Q4 2025 earnings at $2.91 EPS.

Other equities research analysts have also recently issued research reports about the company. Piper Sandler raised Check Point Software Technologies from an “underweight” rating to a “neutral” rating in a report on Monday, October 30th. Royal Bank of Canada raised their target price on Check Point Software Technologies from $159.00 to $165.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 7th. Mizuho raised their target price on Check Point Software Technologies from $150.00 to $160.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 7th. Bank of America lifted their price objective on Check Point Software Technologies from $140.00 to $160.00 and gave the company a “buy” rating in a research note on Friday, November 24th. Finally, Raymond James raised Check Point Software Technologies from a “market perform” rating to an “outperform” rating in a research note on Monday, December 18th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $154.86.

Read Our Latest Report on CHKP

Check Point Software Technologies Stock Down 0.9 %

Shares of NASDAQ CHKP opened at $162.83 on Monday. The company’s 50-day simple moving average is $154.65 and its 200-day simple moving average is $142.32. Check Point Software Technologies has a 52-week low of $117.18 and a 52-week high of $166.71. The firm has a market cap of $19.05 billion, a price-to-earnings ratio of 22.87, a price-to-earnings-growth ratio of 2.67 and a beta of 0.62.

Check Point Software Technologies (NASDAQ:CHKPGet Free Report) last issued its earnings results 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 net margin of 34.80% and a return on equity of 30.81%. The firm had revenue of $663.50 million during the quarter, compared to analysts’ expectations of $662.09 million. During the same quarter last year, the company posted $2.23 earnings per share. The firm’s revenue was up 3.9% compared to the same quarter last year.

Institutional Trading of Check Point Software Technologies

Institutional investors and hedge funds have recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership lifted its position in shares of Check Point Software Technologies by 138.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,505,958 shares of the technology company’s stock worth $195,775,000 after purchasing an additional 875,580 shares during the last quarter. Norges Bank acquired a new position in Check Point Software Technologies in the 4th quarter worth approximately $80,456,000. Ariel Investments LLC boosted its stake in Check Point Software Technologies by 121.2% in the 3rd quarter. Ariel Investments LLC now owns 1,083,364 shares of the technology company’s stock worth $144,391,000 after purchasing an additional 593,623 shares during the period. Morningstar Investment Services LLC acquired a new position in Check Point Software Technologies in the 3rd quarter worth approximately $65,522,000. Finally, LSV Asset Management boosted its stake in Check Point Software Technologies by 1,535.7% in the 3rd quarter. LSV Asset Management now owns 413,835 shares of the technology company’s stock worth $55,156,000 after purchasing an additional 388,535 shares during the period. 68.34% of the stock is currently owned by institutional investors and hedge funds.

Check Point Software Technologies Company Profile

(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.

Further Reading

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

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