Check Point Software Technologies (NASDAQ:CHKP) Releases Q3 2022 Earnings Guidance

Check Point Software Technologies (NASDAQ:CHKPGet Rating) updated its third quarter 2022 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $1.60-$1.72 for the period, compared to the consensus estimate of $1.69. The company issued revenue guidance of $555.00 million-$585.00 million, compared to the consensus revenue estimate of $571.27 million.

Check Point Software Technologies Stock Performance

Check Point Software Technologies stock traded up $0.48 during midday trading on Friday, hitting $119.31. 775,879 shares of the company were exchanged, compared to its average volume of 1,233,147. The firm has a market capitalization of $14.96 billion, a PE ratio of 19.75, a price-to-earnings-growth ratio of 2.60 and a beta of 0.60. Check Point Software Technologies has a fifty-two week low of $107.85 and a fifty-two week high of $149.62. The business has a fifty day simple moving average of $123.53 and a two-hundred day simple moving average of $129.27.

Check Point Software Technologies (NASDAQ:CHKPGet Rating) last posted its earnings results on Monday, August 1st. The technology company reported $1.64 EPS for the quarter, topping the consensus estimate of $1.62 by $0.02. The firm had revenue of $571.10 million for the quarter, compared to analyst estimates of $560.40 million. Check Point Software Technologies had a return on equity of 25.49% and a net margin of 35.15%. Check Point Software Technologies’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period last year, the company earned $1.41 earnings per share. As a group, equities analysts expect that Check Point Software Technologies will post 6.18 earnings per share for the current year.

Analyst Upgrades and Downgrades

CHKP has been the topic of several research reports. Wells Fargo & Company decreased their target price on Check Point Software Technologies from $144.00 to $130.00 in a research report on Thursday, April 28th. Jefferies Financial Group decreased their target price on Check Point Software Technologies from $145.00 to $130.00 in a research report on Monday, May 23rd. Royal Bank of Canada raised their target price on Check Point Software Technologies from $139.00 to $145.00 and gave the company a sector perform rating in a research report on Monday, April 25th. BMO Capital Markets decreased their target price on Check Point Software Technologies from $155.00 to $150.00 and set an outperform rating on the stock in a research report on Tuesday. Finally, Piper Sandler decreased their target price on Check Point Software Technologies from $130.00 to $120.00 in a research report on Wednesday, July 13th. Six research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $138.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Pearl River Capital LLC lifted its holdings in Check Point Software Technologies by 7.9% during the 1st quarter. Pearl River Capital LLC now owns 3,237 shares of the technology company’s stock worth $448,000 after buying an additional 237 shares during the last quarter. Brown Brothers Harriman & Co. lifted its holdings in Check Point Software Technologies by 75.3% during the 1st quarter. Brown Brothers Harriman & Co. now owns 568 shares of the technology company’s stock worth $79,000 after buying an additional 244 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Check Point Software Technologies by 12.1% during the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 3,715 shares of the technology company’s stock worth $514,000 after buying an additional 400 shares during the last quarter. Guardian Wealth Management Inc. lifted its holdings in Check Point Software Technologies by 2.8% during the 1st quarter. Guardian Wealth Management Inc. now owns 15,311 shares of the technology company’s stock worth $2,117,000 after buying an additional 418 shares during the last quarter. Finally, Quantbot Technologies LP lifted its holdings in Check Point Software Technologies by 10.2% during the 1st quarter. Quantbot Technologies LP now owns 4,819 shares of the technology company’s stock worth $666,000 after buying an additional 448 shares during the last quarter. 91.96% of the stock is currently owned by hedge funds and other institutional investors.

Check Point Software Technologies Company Profile

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Check Point Software Technologies Ltd. develops, markets, and supports a range of products and services for IT security worldwide. The company offers a portfolio of network security, endpoint security, data security, and management solutions. It provides Check Point Infinity Architecture, a cyber security architecture that protects against 5th and 6th generation cyber-attacks across various networks, endpoint, cloud, workloads, Internet of Things, and mobile.

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

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