Meritage Portfolio Management Trims Holdings in Check Point Software Technologies Ltd. (NASDAQ:CHKP)

Meritage Portfolio Management reduced its position in Check Point Software Technologies Ltd. (NASDAQ:CHKP) by 2.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,622 shares of the technology company’s stock after selling 938 shares during the quarter. Meritage Portfolio Management’s holdings in Check Point Software Technologies were worth $7,832,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Arrow Financial Corp lifted its position in shares of Check Point Software Technologies by 62.5% in the third quarter. Arrow Financial Corp now owns 260 shares of the technology company’s stock valued at $50,000 after acquiring an additional 100 shares in the last quarter. Assetmark Inc. boosted its stake in Check Point Software Technologies by 93.4% in the 3rd quarter. Assetmark Inc. now owns 97,778 shares of the technology company’s stock worth $18,853,000 after purchasing an additional 47,218 shares during the period. Equitable Trust Co. bought a new stake in shares of Check Point Software Technologies during the third quarter valued at approximately $237,000. CWA Asset Management Group LLC bought a new position in shares of Check Point Software Technologies during the third quarter worth $1,599,000. Finally, Philip James Wealth Mangement LLC purchased a new position in Check Point Software Technologies during the third quarter valued at $2,213,000. 87.62% of the stock is currently owned by institutional investors.

Check Point Software Technologies Stock Performance

CHKP stock traded down $0.84 during midday trading on Friday, reaching $176.03. The company’s stock had a trading volume of 714,551 shares, compared to its average volume of 959,778. Check Point Software Technologies Ltd. has a 1 year low of $138.00 and a 1 year high of $210.70. The firm has a market capitalization of $19.36 billion, a price-to-earnings ratio of 24.05, a PEG ratio of 2.97 and a beta of 0.63. The stock has a fifty day simple moving average of $192.81 and a two-hundred day simple moving average of $175.29.

Check Point Software Technologies (NASDAQ:CHKP) last released its quarterly earnings data on Tuesday, October 29th. The technology company reported $2.25 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.25. The company had revenue of $635.10 million during the quarter, compared to analysts’ expectations of $634.96 million. Check Point Software Technologies had a net margin of 33.17% and a return on equity of 31.84%. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.80 EPS. As a group, analysts forecast that Check Point Software Technologies Ltd. will post 7.87 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CHKP has been the subject of a number of research analyst reports. Evercore ISI raised their price objective on Check Point Software Technologies from $180.00 to $185.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Scotiabank lifted their price objective on Check Point Software Technologies from $180.00 to $200.00 and gave the stock a “sector outperform” rating in a research note on Thursday, July 25th. Needham & Company LLC reissued a “hold” rating on shares of Check Point Software Technologies in a report on Wednesday, October 30th. Jefferies Financial Group upped their price target on shares of Check Point Software Technologies from $210.00 to $225.00 and gave the company a “buy” rating in a research note on Tuesday, September 24th. Finally, Wedbush increased their price objective on shares of Check Point Software Technologies from $200.00 to $230.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Fifteen research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $197.74.

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.