Check Point Software Technologies (NASDAQ:CHKP) Releases FY 2024 Earnings Guidance

Check Point Software Technologies (NASDAQ:CHKP) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of 8.700-9.300 for the period, compared to the consensus earnings per share estimate of 9.080. The company issued revenue guidance of $2.5 billion-$2.6 billion, compared to the consensus revenue estimate of $2.6 billion. Check Point Software Technologies also updated its Q3 2024 guidance to 2.190-2.290 EPS.

Check Point Software Technologies Trading Up 0.9 %

Shares of NASDAQ CHKP traded up $1.57 during mid-day trading on Friday, reaching $182.74. The company had a trading volume of 638,013 shares, compared to its average volume of 756,486. The firm has a 50 day simple moving average of $161.86 and a two-hundred day simple moving average of $160.27. Check Point Software Technologies has a 52-week low of $125.68 and a 52-week high of $184.67. The stock has a market cap of $20.63 billion, a P/E ratio of 25.38, a PEG ratio of 2.89 and a beta of 0.62.

Check Point Software Technologies (NASDAQ:CHKP) last issued its quarterly earnings results on Wednesday, July 24th. The technology company reported $2.17 earnings per share for the quarter, topping analysts’ consensus estimates of $2.16 by $0.01. Check Point Software Technologies had a net margin of 33.61% and a return on equity of 31.59%. The firm had revenue of $627.40 million during the quarter, compared to analysts’ expectations of $623.19 million. During the same quarter in the prior year, the business earned $1.74 EPS. Check Point Software Technologies’s quarterly revenue was up 6.6% compared to the same quarter last year. On average, equities analysts expect that Check Point Software Technologies will post 7.8 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on CHKP shares. BMO Capital Markets boosted their price target on shares of Check Point Software Technologies from $180.00 to $200.00 and gave the stock a market perform rating in a research note on Thursday. Truist Financial reissued a buy rating and set a $200.00 target price (up from $175.00) on shares of Check Point Software Technologies in a research note on Thursday. Stifel Nicolaus decreased their price target on Check Point Software Technologies from $170.00 to $165.00 and set a hold rating on the stock in a research note on Friday, April 26th. Jefferies Financial Group upped their price objective on Check Point Software Technologies from $185.00 to $210.00 and gave the stock a buy rating in a report on Thursday. Finally, Royal Bank of Canada raised their target price on Check Point Software Technologies from $165.00 to $187.00 and gave the company a sector perform rating in a report on Thursday. Fifteen equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $183.68.

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 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.