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

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

Wall Street Analysts Forecast Growth

CHKP has been the topic of a number of recent analyst reports. Barclays boosted their price objective on shares of Check Point Software Technologies from $175.00 to $192.00 and gave the stock an “equal weight” rating in a report on Thursday, July 25th. JPMorgan Chase & Co. increased their price target on Check Point Software Technologies from $180.00 to $210.00 and gave the company a “neutral” rating in a report on Monday. Jefferies Financial Group lifted their price objective on Check Point Software Technologies from $210.00 to $225.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Robert W. Baird increased their target price on Check Point Software Technologies from $200.00 to $210.00 and gave the company a “neutral” rating in a research note on Tuesday, October 22nd. Finally, Susquehanna lifted their price target on shares of Check Point Software Technologies from $200.00 to $215.00 and gave the stock a “positive” rating in a research note on Thursday, July 25th. Fifteen investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $196.33.

Check Point Software Technologies Stock Performance

The firm has a market cap of $20.35 billion, a P/E ratio of 24.61, a P/E/G ratio of 3.17 and a beta of 0.62. The firm has a fifty day moving average of $195.73 and a 200-day moving average of $174.56.

Hedge Funds Weigh In On Check Point Software Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the company. Massachusetts Financial Services Co. MA boosted its stake in Check Point Software Technologies by 2.1% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,527,700 shares of the technology company’s stock valued at $912,070,000 after purchasing an additional 114,938 shares during the period. Acadian Asset Management LLC boosted its position in shares of Check Point Software Technologies by 10.5% during the second quarter. Acadian Asset Management LLC now owns 4,108,685 shares of the technology company’s stock worth $677,869,000 after buying an additional 391,983 shares during the period. Boston Partners grew its holdings in Check Point Software Technologies by 13.1% in the 1st quarter. Boston Partners now owns 3,623,923 shares of the technology company’s stock worth $594,169,000 after buying an additional 419,404 shares in the last quarter. Ninety One UK Ltd grew its holdings in Check Point Software Technologies by 1.1% in the 2nd quarter. Ninety One UK Ltd now owns 3,608,785 shares of the technology company’s stock worth $595,450,000 after buying an additional 39,092 shares in the last quarter. Finally, Nordea Investment Management AB increased its position in Check Point Software Technologies by 3.0% in the 1st quarter. Nordea Investment Management AB now owns 2,674,761 shares of the technology company’s stock valued at $440,266,000 after acquiring an additional 77,849 shares during the period. Institutional investors and hedge funds 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.