BTIG Research Downgrades Check Point Software Technologies Ltd. (CHKP) to Neutral

Check Point Software Technologies Ltd. (NASDAQ:CHKP) was downgraded by equities research analysts at BTIG Research from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday.

The analysts wrote, “We are maintaining our $24 price target on SABR shares after a solid quarter with EBITDA 5% above consensus and management maintaining FY17 guidance. While no change to ’18E FCF, expected to grow in-line with mid-single-digit revenue growth, we believe a relatively vanilla quarter, with new agency contracts in higher unit economic regions (EMEA/APAC), are now benefiting Travel Network (TN) top- line, indicating management’s transition-plan is materializing. However, visibility into ’19E FCF accelerating is likely needed to materially shift some of the entrenched negative sentiment that exists around shares. Guidance suggests declining Airline solutions revenue near term, but this is largely priced in. Hospitality re-accelerated and commentary suggest mid-teens growth is sustainable. We believe SABR is well- positioned to scale long-term travel technology trends.””

A number of other research analysts also recently weighed in on the company. KeyCorp reiterated a “hold” rating on shares of Check Point Software Technologies in a report on Friday, October 27th. Jefferies Group LLC restated a “buy” rating and issued a $126.00 target price on shares of Check Point Software Technologies in a research note on Thursday, October 19th. Royal Bank Of Canada restated a “hold” rating and issued a $105.00 target price on shares of Check Point Software Technologies in a research note on Wednesday, October 18th. OTR Global downgraded Check Point Software Technologies to a “positive” rating in a research note on Tuesday, October 17th. Finally, Stephens boosted their target price on Check Point Software Technologies from $115.00 to $122.00 and gave the company an “overweight” rating in a research note on Tuesday, October 10th. Twenty research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $113.60.

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Several hedge funds have recently bought and sold shares of CHKP. Veritas Asset Management LLP acquired a new position in shares of Check Point Software Technologies in the 2nd quarter valued at $482,664,000. BT Investment Management Ltd acquired a new position in shares of Check Point Software Technologies in the 2nd quarter valued at $165,866,000. Koch Industries Inc. lifted its stake in shares of Check Point Software Technologies by 41,297.0% in the 2nd quarter. Koch Industries Inc. now owns 1,148,354 shares of the technology company’s stock valued at $1,138,000 after purchasing an additional 1,145,580 shares during the period. Janus Henderson Group PLC lifted its stake in shares of Check Point Software Technologies by 336.7% in the 2nd quarter. Janus Henderson Group PLC now owns 1,152,428 shares of the technology company’s stock valued at $125,709,000 after purchasing an additional 888,530 shares during the period. Finally, APG Asset Management N.V. lifted its stake in shares of Check Point Software Technologies by 53.0% in the 3rd quarter. APG Asset Management N.V. now owns 2,548,811 shares of the technology company’s stock valued at $290,615,000 after purchasing an additional 883,300 shares during the period. 68.07% of the stock is currently owned by institutional investors.

About Check Point Software Technologies

Check Point Software Technologies Ltd. (Check point) develops, markets and supports a range of products and services for information technology (IT) security. The Company’s products and services are sold to enterprises, service providers, small and medium sized businesses and consumers. It offers enterprises a platform to deploy independent, modular and interoperable security applications (Software Blades), such as firewall, virtual private network (VPN), intrusion prevention system (IPS), Application Control, Anti-Bot, antivirus, data loss prevention (DLP), policy management, event analysis or multi-domain management.

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