Check Point Software Technologies (NASDAQ:CHKP) Shares Gap Down - Here's Why

Check Point Software Technologies Ltd. (NASDAQ:CHKP - Get Free Report)'s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $207.96, but opened at $189.00. Check Point Software Technologies shares last traded at $179.38, with a volume of 523,954 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Needham & Company LLC restated a "hold" rating on shares of Check Point Software Technologies in a report on Thursday, July 25th. Scotiabank raised their price objective on shares of Check Point Software Technologies from $180.00 to $200.00 and gave the stock a "sector outperform" rating in a report on Thursday, July 25th. Royal Bank of Canada lifted their price target on shares of Check Point Software Technologies from $165.00 to $187.00 and gave the company a "sector perform" rating in a research note on Thursday, July 25th. Robert W. Baird raised their price target on Check Point Software Technologies from $200.00 to $210.00 and gave the stock a "neutral" rating in a research report on Tuesday, October 22nd. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Check Point Software Technologies from $175.00 to $185.00 and gave the company a "hold" rating in a research report on Thursday, July 25th. Fifteen equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Check Point Software Technologies has an average rating of "Hold" and a consensus target price of $196.78.

Check Point Software Technologies Stock Down 14.5 %

The stock has a market capitalization of $20.08 billion, a PE ratio of 24.70, a price-to-earnings-growth ratio of 3.17 and a beta of 0.62. The stock's 50 day moving average price is $195.73 and its 200-day moving average price is $174.56.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CHKP. Farther Finance Advisors LLC boosted its stake in Check Point Software Technologies by 26.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 6,535 shares of the technology company's stock worth $1,260,000 after acquiring an additional 1,384 shares during the last quarter. Capital Advisors Inc. OK purchased a new stake in shares of Check Point Software Technologies during the 3rd quarter valued at $262,000. New York State Common Retirement Fund boosted its position in shares of Check Point Software Technologies by 8.9% during the 3rd quarter. New York State Common Retirement Fund now owns 298,547 shares of the technology company's stock valued at $57,563,000 after acquiring an additional 24,421 shares during the last quarter. Principal Securities Inc. increased its stake in shares of Check Point Software Technologies by 6.8% during the third quarter. Principal Securities Inc. now owns 28,352 shares of the technology company's stock valued at $5,467,000 after buying an additional 1,810 shares during the period. Finally, Integrated Advisors Network LLC purchased a new stake in shares of Check Point Software Technologies during the third quarter valued at $210,000. Institutional investors own 87.62% of the company's stock.

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.