Check Point Software Technologies (NASDAQ:CHKP) Reaches New 52-Week High – Time to Buy?

Check Point Software Technologies Ltd. (NASDAQ:CHKP)’s share price hit a new 52-week high on Tuesday . The stock traded as high as $197.36 and last traded at $196.84, with a volume of 155849 shares trading hands. The stock had previously closed at $191.50.

Wall Street Analysts Forecast Growth

CHKP has been the topic of several recent research reports. Jefferies Financial Group lifted their price objective on shares of Check Point Software Technologies from $210.00 to $225.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. BMO Capital Markets upped their price target on shares of 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. Scotiabank increased their price target on shares of Check Point Software Technologies from $180.00 to $200.00 and gave the stock a “sector outperform” rating in a research report on Thursday, July 25th. Barclays boosted their target price on Check Point Software Technologies from $175.00 to $192.00 and gave the company an “equal weight” rating in a research note on Thursday, July 25th. Finally, JPMorgan Chase & Co. raised their price target on Check Point Software Technologies from $175.00 to $180.00 and gave the stock a “neutral” rating in a research note on Thursday, July 25th. Sixteen investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Check Point Software Technologies has an average rating of “Hold” and an average price target of $186.05.

Check Point Software Technologies Stock Up 2.7 %

The firm has a market capitalization of $23.60 billion, a P/E ratio of 28.81, a PEG ratio of 3.05 and a beta of 0.62. The business has a 50-day moving average price of $189.05 and a 200-day moving average price of $170.57.

Check Point Software Technologies (NASDAQ:CHKP) last announced its quarterly earnings results on Wednesday, July 24th. The technology company reported $2.17 EPS 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 business had revenue of $627.40 million for the quarter, compared to analyst estimates of $623.19 million. During the same quarter in the previous year, the firm earned $1.74 EPS. Check Point Software Technologies’s quarterly revenue was up 6.6% on a year-over-year basis. As a group, sell-side analysts forecast that Check Point Software Technologies Ltd. will post 7.83 EPS for the current year.

Hedge Funds Weigh In On Check Point Software Technologies

A number of institutional investors have recently modified their holdings of the stock. LM Advisors LLC bought a new stake in shares of Check Point Software Technologies during the fourth quarter worth $229,000. Caas Capital Management LP bought a new position in shares of Check Point Software Technologies in the 4th quarter valued at about $397,000. Guardian Wealth Management Inc. grew its position in shares of Check Point Software Technologies by 0.5% during the 4th quarter. Guardian Wealth Management Inc. now owns 18,633 shares of the technology company’s stock worth $2,847,000 after buying an additional 85 shares during the period. Wealthquest Corp bought a new stake in shares of Check Point Software Technologies during the fourth quarter worth approximately $212,000. Finally, Sanibel Captiva Trust Company Inc. acquired a new position in Check Point Software Technologies in the fourth quarter valued at approximately $14,711,000. 87.62% of the stock is owned by 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.