Check Point Software Technologies Ltd. (NASDAQ:CHKP) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama cut its holdings in shares of Check Point Software Technologies Ltd. (NASDAQ:CHKP) by 31.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 27,434 shares of the technology company’s stock after selling 12,400 shares during the period. Retirement Systems of Alabama’s holdings in Check Point Software Technologies were worth $6,253,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. CWA Asset Management Group LLC increased its position in shares of Check Point Software Technologies by 108.2% in the 1st quarter. CWA Asset Management Group LLC now owns 23,157 shares of the technology company’s stock valued at $5,278,000 after acquiring an additional 12,037 shares during the period. QRG Capital Management Inc. increased its position in shares of Check Point Software Technologies by 19.1% in the 1st quarter. QRG Capital Management Inc. now owns 2,442 shares of the technology company’s stock valued at $557,000 after acquiring an additional 391 shares during the period. Sowell Financial Services LLC acquired a new position in shares of Check Point Software Technologies in the 1st quarter valued at $301,000. Optas LLC acquired a new position in shares of Check Point Software Technologies in the 1st quarter valued at $201,000. Finally, Aries Wealth Management grew its position in Check Point Software Technologies by 21.8% during the 1st quarter. Aries Wealth Management now owns 2,543 shares of the technology company’s stock worth $580,000 after purchasing an additional 456 shares during the period. 98.51% of the stock is owned by institutional investors and hedge funds.

Check Point Software Technologies Trading Down 1.7%

Shares of Check Point Software Technologies stock opened at $219.56 on Wednesday. The firm has a market capitalization of $24.15 billion, a PE ratio of 28.97, a P/E/G ratio of 3.19 and a beta of 0.66. Check Point Software Technologies Ltd. has a twelve month low of $153.88 and a twelve month high of $234.36. The firm’s 50-day moving average price is $220.17 and its 200 day moving average price is $212.08.

Check Point Software Technologies (NASDAQ:CHKP) last released its earnings results on Wednesday, April 23rd. The technology company reported $2.21 earnings per share for the quarter, topping analysts’ consensus estimates of $2.19 by $0.02. Check Point Software Technologies had a net margin of 32.75% and a return on equity of 32.88%. The business had revenue of $637.80 million for the quarter, compared to analyst estimates of $635.80 million. During the same period last year, the company posted $2.04 EPS. The business’s revenue was up 6.5% on a year-over-year basis. On average, sell-side analysts predict that Check Point Software Technologies Ltd. will post 8.61 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have weighed in on CHKP. Piper Sandler raised Check Point Software Technologies from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $220.00 to $260.00 in a research report on Monday, March 3rd. Mizuho increased their price target on Check Point Software Technologies from $230.00 to $240.00 and gave the stock a “neutral” rating in a research report on Monday, June 16th. Compass Point set a $260.00 price target on Check Point Software Technologies in a research report on Thursday, March 27th. BMO Capital Markets reaffirmed an “outperform” rating and set a $250.00 price target on shares of Check Point Software Technologies in a research report on Wednesday, April 23rd. Finally, Scotiabank cut their price target on Check Point Software Technologies from $250.00 to $240.00 and set a “sector outperform” rating on the stock in a research report on Thursday, April 24th. Sixteen analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $232.44.

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.