Connectus Wealth LLC, a prominent institutional investor, has bolstered its financial stake in Check Point Software Technologies Ltd. by 41.0%, according to its latest disclosure with the Securities and Exchange Commission (SEC) on May 5th, 2023.
In the fourth quarter of the previous year, Connectus Wealth LLC purchased an additional 2,116 shares of CHKP’s stock. The company now holds a total of 7,272 shares worth $917,000 as stated in its most recent filing with the SEC.
On May 1st, 2023, Check Point Software Technologies reported its quarterly earnings data. The technology company generated $566.20 million in revenue during Q1 2023 compared to analysts’ estimates of $568.83 million.
Despite missing revenue estimates by a small margin, CHKP earned $1.80 per share for the quarter – surpassing analyst consensus predictions by $0.31 per share or 21%. This is highly notable considering that Check Point Software Technologies has consistently outperformed earnings expectations since the beginning of this year.
Check Point Software Technologies achieved a net margin of 34.49% and a return on equity of 28.35% during Q1-2023—both factors indicating a strong financial position for the security software provider.
Analysts predict that Check Point Software Technologies Ltd. will post a whopping $6.96 EPS for this year alone—good news for both existing and potential investors.
Hedge fund holders wanting to keep tabs on CHKP’s performance should visit HoldingsChannel.com to receive updates regarding insider trades and other happenings within Check Point Software Technologies Ltd.
Connectus Wealth LLC’s decision to add more shares enriches CHKP’s position among mainstream institutional investors globally; however, only time and external market forces will determine whether it was indeed financially wise or not for Connectus Wealth LLC in particular.
Institutional Investors Bullish on Check Point Software Technologies Ltd. as Hedge Funds Increase Holdings
Check Point Software Technologies Ltd. has recently seen a significant increase in its institutional ownership, which indicates that several hedge funds and investment firms may be bullish on the stock. According to data from the company’s latest 13F filings, Trifecta Capital Advisors LLC, Lindbrook Capital LLC, Y.D. More Investments Ltd, Alta Advisers Ltd, and Brown Brothers Harriman & Co., have all increased their holdings in Check Point Software Technologies.
Trifecta Capital Advisors LLC acquired a new stake in shares of CHKP during the fourth quarter worth $28,000. On the other hand, Lindbrook Capital LLC boosted its holdings by 66% over the same period by purchasing an additional 103 shares at $33,000. Similarly, Y.D. More Investments Ltd purchased a new stake worth approximately $47,000 while Alta Advisers Ltd purchased a new position valued at $45,000 during the third quarter.
Finally, Brown Brothers Harriman & Co., grew its position in CHKP by 75.3% during the first quarter after acquiring an additional 244 shares at a cost of $79,000. The institutional investors and hedge funds now own 64.76% of the company’s stock.
Shares for CHKP opened at $118.46 on Friday with a market capitalization of $14.31 billion and P/E ratio of 18.09 as well as P/E/G ratio of 2.35 with beta value being pegged at 0.68 while setting a one year low of $107.54 and one year high price point of $135.93 respectively.
Analysts’ opinions about CHKP remain divided with three analysts rating it as sell while fourteen have issued hold rating whereas eight others recommend buying into the firm’s long-term performance goals; according to Bloomberg data analysis reports presented today.
Check Point Software Technologies is engaged in developing IT security software and hardware solutions like Quantum, CloudGuard, Harmony, and Infinity-Vision. The tech company was established in July 1993 by Gil Shwed, Marius Nacht, and Shlomo Kramer and is headquartered in Tel Aviv, Israel. If you wish to gain a better insight to see what other hedge funds are holding CHKP, visit holdingschannel.com to get the latest 13F filings and insider trades for Check Point Software Technologies Ltd. (NASDAQ:CHKP).
