Check Point Software Technologies (NASDAQ:CHKP) Cut to "Neutral" at Bank of America

Check Point Software Technologies (NASDAQ:CHKP - Get Free Report) was downgraded by analysts at Bank of America from a "buy" rating to a "neutral" rating in a report issued on Wednesday, MarketBeat.com reports. They presently have a $195.00 price objective on the technology company's stock, down from their prior price objective of $205.00. Bank of America's target price suggests a potential upside of 11.23% from the company's previous close.

Several other analysts have also recently commented on the company. Needham & Company LLC restated a "hold" rating on shares of Check Point Software Technologies in a report on Thursday, July 25th. Wedbush increased their target price on Check Point Software Technologies from $200.00 to $230.00 and gave the stock an "outperform" rating in a report on Wednesday, October 9th. Truist Financial increased their target price on Check Point Software Technologies from $200.00 to $220.00 and gave the stock a "buy" rating in a report on Wednesday, October 23rd. Robert W. Baird increased their target price on Check Point Software Technologies from $200.00 to $210.00 and gave the stock a "neutral" rating in a report on Tuesday, October 22nd. Finally, Barclays decreased their target price on Check Point Software Technologies from $210.00 to $200.00 and set an "equal weight" rating on the stock in a report on Tuesday. Sixteen investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $197.74.

Check Point Software Technologies Trading Down 1.4 %

NASDAQ CHKP traded down $2.55 during trading hours on Wednesday, reaching $175.32. 347,750 shares of the company's stock were exchanged, compared to its average volume of 688,149. The firm has a fifty day moving average of $195.52 and a 200-day moving average of $174.67. Check Point Software Technologies has a one year low of $129.13 and a one year high of $210.70. The stock has a market cap of $19.28 billion, a PE ratio of 24.15, a price-to-earnings-growth ratio of 3.17 and a beta of 0.62.

Institutional Investors Weigh In On Check Point Software Technologies

A number of hedge funds have recently modified their holdings of CHKP. Swedbank AB bought a new position in shares of Check Point Software Technologies during the first quarter worth about $69,487,000. Boston Partners grew its holdings in shares of Check Point Software Technologies by 13.1% during the first quarter. Boston Partners now owns 3,623,923 shares of the technology company's stock worth $594,169,000 after buying an additional 419,404 shares in the last quarter. Acadian Asset Management LLC grew its holdings in shares of Check Point Software Technologies by 10.5% during the second quarter. Acadian Asset Management LLC now owns 4,108,685 shares of the technology company's stock worth $677,869,000 after buying an additional 391,983 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Check Point Software Technologies during the second quarter worth about $47,244,000. Finally, Meitav Investment House Ltd. grew its holdings in shares of Check Point Software Technologies by 1,295.8% during the second quarter. Meitav Investment House Ltd. now owns 209,612 shares of the technology company's stock worth $34,557,000 after buying an additional 194,595 shares in the last quarter. Institutional investors and hedge funds own 87.62% of the company's stock.

Check Point Software Technologies Company Profile

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.