Check Point Software Technologies (NASDAQ:CHKP) Shares Gap Down – Here’s Why

Check Point Software Technologies Ltd. (NASDAQ:CHKP)’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.

Analyst Ratings Changes

Several research firms have weighed in on CHKP. Jefferies Financial Group raised their price target on Check Point Software Technologies from $210.00 to $225.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Check Point Software Technologies from $175.00 to $185.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. Truist Financial upped their target price on shares of Check Point Software Technologies from $200.00 to $220.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Scotiabank lifted 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 report on Thursday, July 25th. Finally, Susquehanna raised their target price on shares of Check Point Software Technologies from $200.00 to $215.00 and gave the stock a “positive” rating in a research report on Thursday, July 25th. Fifteen analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $196.33.

Check Point Software Technologies Stock Down 13.3 %

The stock has a market cap of $20.35 billion, a PE ratio of 24.61, a price-to-earnings-growth ratio of 3.17 and a beta of 0.62. The company’s fifty day moving average is $195.73 and its 200 day moving average is $174.56.

Hedge Funds Weigh In On Check Point Software Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Check Point Software Technologies in the 2nd quarter valued at $30,000. Concord Wealth Partners acquired a new stake in shares of Check Point Software Technologies in the first quarter valued at about $31,000. Kathleen S. Wright Associates Inc. purchased a new stake in shares of Check Point Software Technologies during the 3rd quarter valued at about $33,000. FSC Wealth Advisors LLC acquired a new position in Check Point Software Technologies during the 3rd quarter worth approximately $60,000. Finally, Sound Income Strategies LLC boosted its holdings in Check Point Software Technologies by 654.4% in the 3rd quarter. Sound Income Strategies LLC now owns 430 shares of the technology company’s stock worth $83,000 after acquiring an additional 373 shares during the period. 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.