Check Point Software Technologies Ltd. (NASDAQ:CHKP) Sees Large Growth in Short Interest

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Check Point Software Technologies Ltd. (NASDAQ:CHKP) was the recipient of a significant increase in short interest in the month of July. As of July 31st, there was short interest totalling 11,361,100 shares, an increase of 11.0% from the June 30th total of 10,235,300 shares. Based on an average daily volume of 899,300 shares, the days-to-cover ratio is presently 12.6 days. Approximately 9.1% of the shares of the company are sold short.

A number of research firms have commented on CHKP. Northland Securities reaffirmed a “neutral” rating on shares of Check Point Software Technologies in a research report on Thursday, July 25th. Evercore ISI set a $105.00 price objective on shares of Check Point Software Technologies and gave the stock a “hold” rating in a research report on Wednesday, July 24th. BidaskClub raised shares of Check Point Software Technologies from a “strong sell” rating to a “sell” rating in a research report on Tuesday. OTR Global cut shares of Check Point Software Technologies to a “positive” rating in a research report on Tuesday, July 16th. Finally, Cowen began coverage on shares of Check Point Software Technologies in a research report on Thursday, May 23rd. They set a “market perform” rating and a $120.00 price objective for the company. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $124.47.

Shares of Check Point Software Technologies stock traded up $0.13 during trading on Thursday, reaching $107.64. The company’s stock had a trading volume of 695,626 shares, compared to its average volume of 960,110. The firm’s 50-day moving average price is $114.80. The firm has a market capitalization of $16.66 billion, a price-to-earnings ratio of 20.66, a PEG ratio of 2.26 and a beta of 0.79. Check Point Software Technologies has a 52 week low of $98.57 and a 52 week high of $132.76.

Check Point Software Technologies (NASDAQ:CHKP) last announced its earnings results on Wednesday, July 24th. The technology company reported $1.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.24 by $0.14. The company had revenue of $488.10 million during the quarter, compared to analysts’ expectations of $487.53 million. Check Point Software Technologies had a net margin of 40.99% and a return on equity of 22.05%. Check Point Software Technologies’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.37 earnings per share. On average, analysts forecast that Check Point Software Technologies will post 5.49 earnings per share for the current fiscal year.

Institutional investors have recently made changes to their positions in the company. Motco bought a new stake in Check Point Software Technologies during the second quarter worth about $26,000. Pinnacle Bank lifted its position in Check Point Software Technologies by 69.7% during the second quarter. Pinnacle Bank now owns 258 shares of the technology company’s stock worth $30,000 after purchasing an additional 106 shares during the period. NuWave Investment Management LLC lifted its position in Check Point Software Technologies by 64.5% during the second quarter. NuWave Investment Management LLC now owns 306 shares of the technology company’s stock worth $36,000 after purchasing an additional 120 shares during the period. Tower Research Capital LLC TRC bought a new stake in Check Point Software Technologies during the second quarter worth about $37,000. Finally, Meeder Asset Management Inc. bought a new stake in Check Point Software Technologies during the second quarter worth about $38,000. 71.08% of the stock is owned by institutional investors.

Check Point Software Technologies Company Profile

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.

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