Wedbush Comments on Check Point Software Technologies Ltd.’s Q2 2023 Earnings (NASDAQ:CHKP)

Posted by on May 5th, 2023

Check Point Software Technologies Ltd. (NASDAQ:CHKP – Get Rating) – Wedbush raised their Q2 2023 earnings per share estimates for Check Point Software Technologies in a research note issued on Tuesday, May 2nd. Wedbush analyst D. Ives now expects that the technology company will post earnings per share of $1.64 for the quarter, up from their prior estimate of $1.60. The consensus estimate for Check Point Software Technologies’ current full-year earnings is $6.95 per share.

Check Point Software Technologies (NASDAQ:CHKP – Get Rating) last released its quarterly earnings data on Monday, May 1st. The technology company reported $1.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.31. The business had revenue of $566.20 million during the quarter, compared to analyst estimates of $568.83 million. Check Point Software Technologies had a net margin of 34.20% and a return on equity of 27.22%. Check Point Software Technologies’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.34 EPS.

Other research analysts also recently issued research reports about the stock. OTR Global raised shares of Check Point Software Technologies from a “mixed” rating to a “positive” rating in a research report on Wednesday, April 12th. Guggenheim initiated coverage on shares of Check Point Software Technologies in a research note on Monday, January 23rd. They set a “neutral” rating for the company. Royal Bank of Canada cut their target price on shares of Check Point Software Technologies from $135.00 to $132.00 in a research note on Tuesday. Raymond James cut shares of Check Point Software Technologies from an “outperform” rating to a “market perform” rating in a research note on Friday, April 14th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of Check Point Software Technologies from $145.00 to $135.00 in a research note on Tuesday. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Check Point Software Technologies currently has an average rating of “Hold” and an average target price of $134.09.

Check Point Software Technologies Trading Down 1.0 %

Shares of Check Point Software Technologies stock opened at $118.46 on Thursday. Check Point Software Technologies has a 1-year low of $107.54 and a 1-year high of $135.93. The firm’s 50-day moving average price is $127.84 and its two-hundred day moving average price is $127.48. The stock has a market capitalization of $14.86 billion, a price-to-earnings ratio of 18.71, a P/E/G ratio of 2.51 and a beta of 0.69.

Institutional Investors Weigh In On Check Point Software Technologies

A number of institutional investors and hedge funds have recently modified their holdings of CHKP. Aspire Private Capital LLC purchased a new stake in shares of Check Point Software Technologies during the first quarter worth approximately $27,820,000,000. Trifecta Capital Advisors LLC acquired a new position in shares of Check Point Software Technologies in the 4th quarter valued at $28,000. Resurgent Financial Advisors LLC acquired a new position in shares of Check Point Software Technologies in the 4th quarter valued at $28,000. Lindbrook Capital LLC lifted its stake in shares of Check Point Software Technologies by 66.0% in the 4th quarter. Lindbrook Capital LLC now owns 259 shares of the technology company’s stock valued at $33,000 after purchasing an additional 103 shares during the last quarter. Finally, ZRC Wealth Management LLC acquired a new position in Check Point Software Technologies during the 1st quarter worth about $38,000. Institutional investors and hedge funds own 64.76% of the company’s stock.

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.

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Earnings History and Estimates for Check Point Software Technologies (NASDAQ:CHKP)

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