UBS Asset Management Americas Inc. Reduces Stock Holdings in Check Point Software Technologies Ltd. (NASDAQ:CHKP)

Posted by Defense World Staff on Mar 13th, 2023

UBS Asset Management Americas Inc. cut its position in shares of Check Point Software Technologies Ltd. (NASDAQ:CHKP – Get Rating) by 0.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 567,469 shares of the technology company’s stock after selling 5,348 shares during the period. UBS Asset Management Americas Inc. owned 0.45% of Check Point Software Technologies worth $63,568,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in CHKP. Private Advisor Group LLC boosted its holdings in Check Point Software Technologies by 40.4% during the first quarter. Private Advisor Group LLC now owns 3,555 shares of the technology company’s stock worth $492,000 after buying an additional 1,023 shares in the last quarter. Yousif Capital Management LLC raised its position in Check Point Software Technologies by 7.7% during the first quarter. Yousif Capital Management LLC now owns 6,814 shares of the technology company’s stock worth $942,000 after acquiring an additional 485 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in Check Point Software Technologies by 12.1% during the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 3,715 shares of the technology company’s stock worth $514,000 after acquiring an additional 400 shares during the period. Synovus Financial Corp acquired a new position in Check Point Software Technologies during the first quarter worth $210,000. Finally, Cibc World Market Inc. acquired a new position in Check Point Software Technologies during the first quarter worth $3,511,000. 64.76% of the stock is owned by hedge funds and other institutional investors.

Check Point Software Technologies Stock Performance

Shares of NASDAQ CHKP opened at $125.03 on Monday. The firm has a market capitalization of $15.68 billion, a P/E ratio of 19.75, a PEG ratio of 2.46 and a beta of 0.69. Check Point Software Technologies Ltd. has a one year low of $107.54 and a one year high of $145.54. The company’s fifty day moving average is $127.02 and its two-hundred day moving average is $124.29.

Check Point Software Technologies (NASDAQ:CHKP – Get Rating) last released its quarterly earnings data on Monday, February 13th. The technology company reported $2.45 EPS for the quarter, topping the consensus estimate of $2.36 by $0.09. Check Point Software Technologies had a net margin of 34.20% and a return on equity of 27.22%. The business had revenue of $638.50 million for the quarter, compared to analyst estimates of $636.24 million. During the same period in the previous year, the firm earned $2.02 EPS. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. On average, sell-side analysts forecast that Check Point Software Technologies Ltd. will post 6.94 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CHKP shares. The Goldman Sachs Group initiated coverage on shares of Check Point Software Technologies in a research report on Tuesday, February 14th. They issued a “buy” rating and a $148.00 target price for the company. Jefferies Financial Group raised shares of Check Point Software Technologies from a “hold” rating to a “buy” rating and increased their target price for the stock from $135.00 to $150.00 in a research note on Thursday, January 5th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Check Point Software Technologies from $150.00 to $145.00 and set a “hold” rating for the company in a research note on Tuesday, February 14th. BMO Capital Markets lowered their price objective on shares of Check Point Software Technologies from $152.00 to $151.00 and set an “outperform” rating for the company in a research note on Tuesday, February 14th. Finally, Sumitomo Mitsui Financial Group cut shares of Check Point Software Technologies from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $125.00 to $120.00 in a report on Thursday, February 16th. Four analysts have rated the stock with a sell rating, eleven have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $138.41.

Check Point Software Technologies Company Profile

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Check Point Software Technologies Ltd. is engaged in the development and marketing of software and hardware solutions for information technology security. Its products include Quantum, CloudGuard, Harmony, and Infinity-Vision. The company was founded by Gil Shwed, Marius Nacht, and Shlomo Kramer in July 1993 and is headquartered in Tel Aviv, Israel.