Check Point Software Technologies (NASDAQ:CHKP) Updates FY24 Earnings Guidance

Check Point Software Technologies (NASDAQ:CHKPGet Free Report) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $8.70-$9.30 for the period, compared to the consensus EPS estimate of $9.06. The company issued revenue guidance of $2.475-$2.625 billion, compared to the consensus revenue estimate of $2.53 billion. Check Point Software Technologies also updated its Q1 guidance to $1.95-$2.05 EPS.

Check Point Software Technologies Price Performance

NASDAQ CHKP traded up $3.07 during mid-day trading on Tuesday, reaching $163.87. The stock had a trading volume of 1,152,521 shares, compared to its average volume of 758,211. Check Point Software Technologies has a 1 year low of $117.18 and a 1 year high of $166.71. The stock has a market cap of $19.17 billion, a PE ratio of 22.43, a price-to-earnings-growth ratio of 2.69 and a beta of 0.62. The company has a fifty day moving average price of $152.89 and a 200 day moving average price of $141.14.

Check Point Software Technologies (NASDAQ:CHKPGet Free Report) last announced its earnings results on Tuesday, February 6th. The technology company reported $2.57 earnings per share for the quarter, beating analysts’ consensus estimates of $2.47 by $0.10. Check Point Software Technologies had a net margin of 36.03% and a return on equity of 30.88%. The business had revenue of $663.50 million during the quarter, compared to analyst estimates of $662.09 million. During the same period in the previous year, the business earned $2.23 EPS. The company’s quarterly revenue was up 3.9% compared to the same quarter last year. As a group, equities research analysts expect that Check Point Software Technologies will post 7.28 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Morgan Stanley upgraded shares of Check Point Software Technologies from an underweight rating to an equal weight rating and upped their target price for the company from $118.00 to $144.00 in a research report on Monday, October 16th. JPMorgan Chase & Co. increased their price objective on shares of Check Point Software Technologies from $135.00 to $150.00 and gave the stock a neutral rating in a research report on Monday, December 11th. Mizuho increased their price objective on shares of Check Point Software Technologies from $135.00 to $140.00 and gave the stock a neutral rating in a research report on Friday, December 15th. UBS Group upped their target price on shares of Check Point Software Technologies from $140.00 to $170.00 and gave the stock a neutral rating in a research note on Wednesday, January 10th. Finally, Piper Sandler upgraded shares of Check Point Software Technologies from an underweight rating to a neutral rating in a research note on Monday, October 30th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus target price of $144.85.

View Our Latest Stock Report on Check Point Software Technologies

Institutional Investors Weigh In On Check Point Software Technologies

Several institutional investors have recently bought and sold shares of CHKP. American Century Companies Inc. lifted its stake in Check Point Software Technologies by 3.4% during the third quarter. American Century Companies Inc. now owns 9,802 shares of the technology company’s stock valued at $1,306,000 after buying an additional 318 shares in the last quarter. Creative Planning increased its holdings in shares of Check Point Software Technologies by 24.5% in the 3rd quarter. Creative Planning now owns 13,428 shares of the technology company’s stock valued at $1,790,000 after purchasing an additional 2,641 shares during the period. Morgan Stanley increased its holdings in shares of Check Point Software Technologies by 4.9% in the 3rd quarter. Morgan Stanley now owns 741,541 shares of the technology company’s stock valued at $98,833,000 after purchasing an additional 34,863 shares during the period. Townsquare Capital LLC increased its holdings in shares of Check Point Software Technologies by 5.2% in the 3rd quarter. Townsquare Capital LLC now owns 5,241 shares of the technology company’s stock valued at $699,000 after purchasing an additional 260 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Check Point Software Technologies by 14.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 49,003 shares of the technology company’s stock valued at $6,531,000 after purchasing an additional 6,216 shares during the period. Institutional investors and hedge funds own 68.34% of the company’s stock.

About Check Point Software Technologies

(Get Free Report)

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.

Further Reading

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

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