Check Point Software Technologies (NASDAQ:CHKP) Hits New 52-Week High – Here’s Why

Check Point Software Technologies Ltd. (NASDAQ:CHKP) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $232.66 and last traded at $229.69, with a volume of 18455 shares trading hands. The stock had previously closed at $230.58.

Analysts Set New Price Targets

Several brokerages have commented on CHKP. Baird R W upgraded shares of Check Point Software Technologies from a “hold” rating to a “strong-buy” rating in a research report on Thursday, February 27th. Truist Financial reissued a “buy” rating and issued a $250.00 price objective (up previously from $220.00) on shares of Check Point Software Technologies in a report on Friday, January 31st. Mizuho lifted their target price on shares of Check Point Software Technologies from $220.00 to $230.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 26th. Morgan Stanley initiated coverage on shares of Check Point Software Technologies in a research note on Tuesday, March 18th. They issued an “equal weight” rating and a $235.00 price target for the company. Finally, JPMorgan Chase & Co. raised shares of Check Point Software Technologies from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $221.00 to $255.00 in a research report on Wednesday, February 26th. Seventeen equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $229.86.

Check Point Software Technologies Trading Down 0.6 %

The stock has a market cap of $25.21 billion, a price-to-earnings ratio of 30.74, a PEG ratio of 3.41 and a beta of 0.62. The stock’s 50 day moving average is $214.99 and its two-hundred day moving average is $197.76.

Hedge Funds Weigh In On Check Point Software Technologies

A number of large investors have recently modified their holdings of the business. Bank of Montreal Can grew its position in Check Point Software Technologies by 32.2% during the third quarter. Bank of Montreal Can now owns 85,639 shares of the technology company’s stock worth $16,532,000 after buying an additional 20,866 shares during the period. Truist Financial Corp grew its holdings in shares of Check Point Software Technologies by 2.6% in the 4th quarter. Truist Financial Corp now owns 119,504 shares of the technology company’s stock worth $22,311,000 after acquiring an additional 3,080 shares during the period. Vestmark Advisory Solutions Inc. increased its stake in Check Point Software Technologies by 99.3% in the 4th quarter. Vestmark Advisory Solutions Inc. now owns 4,973 shares of the technology company’s stock valued at $928,000 after purchasing an additional 2,478 shares in the last quarter. MML Investors Services LLC increased its stake in Check Point Software Technologies by 3.7% in the 3rd quarter. MML Investors Services LLC now owns 103,507 shares of the technology company’s stock valued at $19,957,000 after purchasing an additional 3,655 shares in the last quarter. Finally, Hickory Asset Management Inc. acquired a new position in Check Point Software Technologies during the fourth quarter worth $476,000. 98.51% of the stock is owned by hedge funds and other 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.