In a report released today, Shaul Eyal from Oppenheimer maintained a Buy rating on Check Point (NASDAQ: CHKP), with a price target of $130. The company’s shares closed on Friday at $117.75, close to its 52-week high of $120.81.
Eyal commented:
“Last week, CHKP shares reached a new all-time high ($120.80, up 14.6% YTD) alongside NASDAQ’s record levels, as well as CHKP’s recent quarter’s productivity improvement following four quarters of execution concerns. We are providing an update on our views regarding the following: (1) CHKP remains poised for continued execution stability driven by its increased operating investments coming to fruition coupled with a healthy security spending environment. (2) In the event of increased market volatility, investors may observe CHKP as a relative low-growth tech safe haven driven by a stable and predictable balance sheet and cash flows. (3) As cloud adoption mirrors cybersecurity growth, CHKP’s Infinity platform and CloudGuard family could be positioned to gain NT traction. (4) Keeping our estimates intact. Outperform.”
According to TipRanks.com, Eyal is a top 100 analyst with an average return of 17.3% and a 69.7% success rate. Eyal covers the Technology sector, focusing on stocks such as Nuance Communications, Verint Systems Inc, and Varonis Systems.
The word on The Street in general, suggests a Hold analyst consensus rating for Check Point with a $115.23 average price target.
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Based on Check Point’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $198 million. In comparison, last year the company had a net profit of $188 million.
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Check Point Software Technologies Ltd. engages in the development and market of software and hardware solutions for information technology security. Its products include threat prevention, next generation firewalls, mobile security, and security management.
