Check Point Software Technologies (NASDAQ:CHKP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm currently has a $133.00 price target on the technology company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 12.27% from the company’s previous close.

According to Zacks, “Check Point is benefitting from strong growth in security subscriptions. The company’s focus on enhancing mobile capabilities is helping it tap greater opportunities. Furthermore, the company’s strategy of growing through acquisitions is praiseworthy. Its pproach of not growing at the cost of margins and earnings has kept the company consistently profitable unlike its peers which are struggling with escalating overhead costs. The rapid adoption of its data center appliances and continuous enhancements in data center product lines is tailwind for its top line. The revenues realized from Check Point’s security subscriptions have increased significantly, and are expected to gain momentum rapidly over the next few years. Nonetheless, the company derives a significant portion of total sales from the 10 biggest distributors, giving rise to the risk of customer concentration. The stock has underperformed the industry year-to-date.”

CHKP has been the topic of several other research reports. Credit Suisse Group upped their price target on shares of Check Point Software Technologies from $100.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, July 26th. BMO Capital Markets increased their target price on Check Point Software Technologies from $108.00 to $130.00 and gave the company a “market perform” rating in a research note on Thursday, July 26th. BTIG Research raised Check Point Software Technologies from a “neutral” rating to a “buy” rating in a research note on Tuesday, July 10th. OTR Global raised Check Point Software Technologies to a “positive” rating in a research note on Friday, July 6th. Finally, BidaskClub raised Check Point Software Technologies from a “sell” rating to a “hold” rating in a research note on Thursday, June 28th. Twenty-one research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $114.48.

Check Point Software Technologies stock opened at $118.46 on Tuesday. The firm has a market capitalization of $19.31 billion, a PE ratio of 24.22, a PEG ratio of 2.35 and a beta of 0.63. Check Point Software Technologies has a fifty-two week low of $93.76 and a fifty-two week high of $120.81.

Check Point Software Technologies (NASDAQ:CHKP) last released its quarterly earnings results on Wednesday, July 25th. The technology company reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.18. The firm had revenue of $467.80 million for the quarter, compared to analysts’ expectations of $461.32 million. Check Point Software Technologies had a net margin of 43.43% and a return on equity of 22.98%. The business’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.26 earnings per share. research analysts expect that Check Point Software Technologies will post 5.19 EPS for the current year.

Several large investors have recently made changes to their positions in CHKP. Financial Gravity Wealth Inc. bought a new position in shares of Check Point Software Technologies during the first quarter valued at about $179,000. Schwab Charles Investment Management Inc. boosted its holdings in shares of Check Point Software Technologies by 5.6% during the first quarter. Schwab Charles Investment Management Inc. now owns 54,367 shares of the technology company’s stock worth $5,401,000 after purchasing an additional 2,892 shares during the period. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Check Point Software Technologies by 12.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 5,905 shares of the technology company’s stock worth $587,000 after purchasing an additional 675 shares during the period. Northern Trust Corp boosted its holdings in shares of Check Point Software Technologies by 2.8% during the first quarter. Northern Trust Corp now owns 1,493,324 shares of the technology company’s stock worth $148,347,000 after purchasing an additional 41,366 shares during the period. Finally, BlackRock Inc. boosted its holdings in shares of Check Point Software Technologies by 3.3% during the first quarter. BlackRock Inc. now owns 5,173,811 shares of the technology company’s stock worth $513,965,000 after purchasing an additional 165,551 shares during the period. 66.72% of the stock is currently owned by hedge funds and other institutional investors.

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 portfolio of network and gateway solutions, management solutions, and data and endpoint security solutions. It provides Check Point Infinity Architecture, a cyber security architecture that protects against 5th generation mega cyber-attacks across various networks, endpoint, cloud, and mobile; security gateways from platforms for small business and small office locations, high end and high demanding data centers, and perimeter environments; and Check Point SandBlast family for threat prevention and zero-day protections.

Featured Story: Asset Allocation

Get a free copy of the Zacks research report on Check Point Software Technologies (CHKP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Check Point Software Technologies (NASDAQ:CHKP)

Receive News & Ratings for Check Point Software Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Check Point Software Technologies and related companies with MarketBeat.com's FREE daily email newsletter.