Check Point Software Stock (NASDAQ: CHKP)

Check Point Software Stock (NASDAQ:CHKP), Trade Ideas

Check Point Software

Check Point Software Technologies is a pure-play cybersecurity vendor. The company offers solutions for network, endpoint, cloud, and mobile security in addition to security management. Check Point, a software specialist, sells to enterprises, businesses, and consumers. Around 50% of revenue is generated in Europe, the Middle East, and Africa, 40% from the Americas, and 10% from the Asia-Pacific region. The firm, based in Tel Aviv, Israel, was founded in 1993 and has about 5,000 employees.

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Check Point Software Technologies reported Q1 revenue of $598.80M (6% growth YoY), beating estimates. Adjusted EPS of $2.04 also beat consensus. The company&#39;s operating margin remained at 42%. Check Point stock gained 28% in the last 12 months.

Check Point Software&#39;s Products and Licenses Revenue Falls In Q1, Stock Slides

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Tech analyst Daniel Ives predicts 15% surge for Microsoft, Alphabet, Amazon, Palantir, and Meta. Q1 earnings expected to drive tech stocks up 15% in 2024.

Why Microsoft, Alphabet, Amazon, Palantir, And Meta Could Rise 15% In 2024, According To Analyst

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Israel-related stocks and exchange-traded funds (ETFs) are suffering as investors shy away from the Middle Eastern country over fears of escalating conflict with Iran.

Iran&#39;s Revenge Promise Against Israel Is Taking Down Its Stock Market — But Large Tech Companies Appear Immune

Check Point Software Technologies Ltd. - Ordinary Shares

Check Point Software Technologies Ltd

Check Point Software Technologies Ltd&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>)&nbsp;reported fiscal first-quarter 2024 revenue growth of 6% year-on-year to $598.80 million, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/g38423693/check-point-software-reports-2024-first-quarter-financial-results" rel="noreferrer noopener">consensus of $595.12 million</a>.&nbsp;
The American-Israeli enterprise security solution&nbsp;provider's&nbsp;adjusted EPS of $2.04 beat the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus of $2.01</a>.
Revenue from&nbsp;Products&nbsp;and licenses declined 7.1% to $100.3 million,&nbsp;Security&nbsp;subscriptions increased 15.4% year over year to $263.4 million, and&nbsp;Software&nbsp;updates and maintenance grew 2.2% year over year to $235.1 million.
Margin:&nbsp;Adjusted operating margin remained firm at 42% Y/Y.&nbsp;Operating margin fell to 32.38% from 35.29% a year ago.
The company generated $361 million in operating cash flow, compared to $386 million a year ago, and held $3.04 billion in cash and equivalents as of March 31, 2024.
Gil Shwed, Founder&nbsp;&amp;&nbsp;CEO of Check Point Software Technologies, said,&nbsp;"We introduced Quantum Force, a new line of security gateways empowering organizations of all sizes with next-generation firewall technology. In addition, we launched new technologies including Harmony SaaS&nbsp;protecting&nbsp;SaaS platforms and data,&nbsp;and Infinity AI Copilot, an AI-powered security assistant enhancing security effectiveness across organizations."
Check Point Software Technologies stock gained 28% in the last 12 months. Investors can gain exposure to the stock via&nbsp;IShares&nbsp;Inc&nbsp;IShares MSCI Israel ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIS#NYSE">EIS</a>) and&nbsp;VanEck Israel ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ISRA#NYSE">ISRA</a>).
Price Action: CHKP shares traded lower by 3.58% at $154.87 at the last check on Thursday.
Image: Shutterstock/ whiteMocca

Check Point Software's Products and Licenses Revenue Falls In Q1, Stock Slides

Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) reported quarterly earnings of $2.04 per share which beat the analyst consensus estimate of $2.01 by 1.49 percent. This is a 13.33 percent increase over earnings of $1.80 per share from the same period last year. The company reported quarterly sales of $598.800 million which beat the analyst consensus estimate of $595.118 million by 0.62 percent. This is a 5.76 percent increase over sales of $566.200 million the same period last year.

Earnings Beats

Check Point Software Q1 2024 Adj EPS $2.04 Beats $2.01 Estimate, Sales $598.800M Beat $595.118M Estimate

As the tech sector braces for its upcoming earnings season, Wedbush Securities analyst Daniel Ives provides <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38248780/apple-bull-dan-ives-says-robust-tech-earnings-season-ahead-not-the-time-to-run-time">a bullish outlook</a>.
<h2 class="wp-block-heading">Tech Sell-Off &#8211; A Compelling Buying Opportunity</h2>
He foresees a potential 15% surge in key stocks including Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>), Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Palantir Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>), and Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>).
Also Read: <a href="https://www.benzinga.com/government/24/04/38245193/openai-launches-first-asian-office-in-tokyo-amid-microsofts-massive-ai-and-cloud-push-in-japan">OpenAI Launches First Asian Office in Tokyo Amid Microsoft&#8217;s Massive AI and Cloud Push in Japan</a>
Ives views the recent risk-off environment and tech sell-off as a compelling buying opportunity, attributing the market downturn to concerns such as a hot Consumer Price Index (CPI), weak bank earnings, and geopolitical tensions. 
Over the past month, the SPDR Technology Select Sector ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) is down 2.63%. The broad market S&amp;P 500 tracking SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) is down 1.16% over the same period.
However, he believes the spotlight will soon shift to the eagerly anticipated tech earnings season, which he expects to be robust across the board.
<h2 class="wp-block-heading">Q1 Earnings To Set The Stage For Upward Momentum In Tech Stocks</h2>
According to Ives, the anticipated strength in tech stocks isn&#8217;t solely based on multiples but stems from accelerating growth and earnings, surpassing Street expectations. He emphasizes the pivotal role of the upcoming Q1 earnings season in setting the stage for further upward momentum in the tech sector throughout the year.
Here&#8217;s a glimpse of when these promising tech companies are scheduled to report earnings:
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Company</td>
<td>Stock Ticker</td>
<td>Quarter</td>
<td>Earnings Date</td>
</tr>
<tr>
<td>Microsoft</td>
<td>MSFT</td>
<td>Q3</td>
<td>April 25</td>
</tr>
<tr>
<td>Alphabet</td>
<td>GOOG, GOOGL</td>
<td>Q1</td>
<td>April 26</td>
</tr>
<tr>
<td>Amazon</td>
<td>AMZN</td>
<td>Q1</td>
<td>April 29</td>
</tr>
<tr>
<td>Palantir</td>
<td>PLTR</td>
<td>Q1</td>
<td>May 6</td>
</tr>
<tr>
<td>Meta Platforms</td>
<td>META</td>
<td>Q1</td>
<td>April 24</td>
</tr>
</tbody>
</table>
</figure>
Source: <a href="https://www.benzinga.com/calendars/earnings">Benzinga Earnings Calendar</a>
Expectations are high for standout performances from tech giants such as Microsoft, Alphabet, Amazon, Palantir, and Meta. Sectors like software, cybersecurity, digital advertising, and semiconductors, should get particular attention, per Ives.
<h2 class="wp-block-heading">Other Potential Standouts</h2>
Ives also highlights cybersecurity firms like Zscaler Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>), CrowdStrike Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>), Palo Alto Networks Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>), CyberArk Software Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CYBR#NASDAQ">CYBR</a>), Check Point Software Technologies Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>), and Tenable Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TENB#NASDAQ">TENB</a>) as potential standouts in the upcoming earnings reports.
Confidence in the potential of the AI Revolution to drive growth is bolstered by field checks conducted globally over the past month, indicating that monetization in this realm has entered a new phase of accelerated growth.
As investors await the earnings reports, the tech sector remains poised for further appreciation, with Ives projecting a 15% increase in tech stocks for the year.
With software, cybersecurity, digital advertising, and semiconductors taking center stage, the upcoming earnings season could mark a significant milestone in reaffirming the tech sector&#8217;s growth trajectory for the remainder of 2024.
Read Next: <a href="https://www.benzinga.com/news/24/04/38241504/metas-move-to-block-news-erodes-signals-of-reliability-as-right-wing-memes-thrive-on-canadian-facebo">Meta&#8217;s Move To Block News Erodes &#8216;Signals Of Reliability&#8217; As Right-Wing Memes Thrive On Canadian Facebook: Report</a>
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Wedbush analyst Daniel Ives reiterates Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) with a Outperform and maintains $185 price target.

Price Target

Reiteration

Wedbush Reiterates Outperform on Check Point Software, Maintains $185 Price Target

Israel-related stocks and exchange-traded funds (ETFs) are suffering as investors shy away from the Middle Eastern country <a href="https://www.benzinga.com/news/24/04/38016697/israels-netanyahu-unveils-plan-to-evacuate-gaza-civilians-ahead-of-potential-hamas-operation-its-the">over fears of escalating conflict with Iran</a>.
Yet the largest Israeli tech companies boasting a global footprint are being spared by investors hedging against broader conflict in the region, which is focused on those catering to the internal market or heavily exposed to regional distress.
What Happened: The TA-35 Index, following the 35 largest companies in the Tel Aviv Stock Exchange, registered losses over the 3% mark this week.&nbsp;
Losses began on Tuesday after Tehran promised retaliation over an <a href="https://www.benzinga.com/news/24/04/38038273/edward-snowden-slams-netanyahu-regime-for-alleged-air-strikes-on-irans-embassy-violating-both-the-ge">airstrike by Israeli forces in an Iranian embassy compound in Damascus, Syria</a>.
An attack that occurred on Monday in Syria killed twelve people, including four civilians, several senior Iranian military and intelligence officials and a member of the Iran-backed Lebanese militant group Hezbollah.
<a href="https://www.benzinga.com//node/38038904">Israel is facing major criticism by the UN</a>, Western nations and other allies, including the U.S., for the rising death toll in Gaza, which topped the 33,000 lives on Thursday according to the Gaza health ministry.
The casualty figures provided by the ministry do not distinguish the difference between civilians and combatants or provide the cause of death.
Israeli leadership launched a massive bombing campaign in Gaza in an effort to dismantle Palestinian militant group Hamas.
According to recent reports, Hamas refuses to release up to 130 hostages that have been held since its <a href="https://www.benzinga.com/news/23/10/35136071/israel-under-siege-unprecedented-hamas-attack-sparks-intense-clashes-netanyahu-says-we-are-at-war">Oct. 7 attack in southern Israel</a>.
Now, the addition of new military objectives in Syria, mounting tensions with Iran and rising international pressure are risking destabilizing Israel&#39;s economy further off.
Read also: <a href="https://www.benzinga.com/news/24/03/38007141/israel-to-return-to-cease-fire-negotiations-but-strikes-on-gaza-and-syria-continue">Israel To Return To Cease-Fire Negotiations, But Strikes On Gaza And Syria Continue</a>
Last week, the UN&#39;s highest-ranking human rights official <a href="https://www.benzinga.com/news/24/03/37977772/un-warns-israels-actions-in-gaza-could-constitute-war-crime-as-manmade-famine-looms">warned that Israel&#39;s actions in Gaza could constitute a war crime</a> if the current &quot;man made famine&quot; battering the region is proven to be used as a weapon of war.
On Wednesday, War Cabinet Minister Benny Gantz called for early elections in Israel in an effort to &quot;maintain unity&quot; and &quot;renew trust,&quot; which has been lost under the rule of far-right Prime Minister Benjamin Netanyahu.&nbsp;
Netanyahu, who has been widely blamed for gestating the conditions that allowed for Hamas&#39; Oct. 7 attack, as well as for the controversial killing of civilian lives in Gaza, dismissed the idea, saying &quot;it would paralyze negotiations for freeing our hostages and would bring an end to the war before the goals are completely achieved,&quot; the Times of Israel <a href="https://www.timesofisrael.com/gantz-calls-for-early-elections-in-september-to-renew-trust-in-government/">reported</a>.
<h3 class="wp-block-heading">How Stocks And ETFs Are Reacting</h3>
<ul>
<li>Ishares Msci Israel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIS#NYSE">EIS</a>), which provides exposure to a wide range of Israeli companies, is down 2.6% this week, with the largest recent drop occurring after news of the destruction of Iran&#39;s embassy building came to light.</li>
</ul>
<ul>
<li>The Ark Israel Innovative Technology ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IZRL#BATS">IZRL</a>), which focuses on Israeli companies leading disruptive innovation in technology has recovered on Thursday from losses stemming from the attack&#39;s news, and is up 0.6% on Thursday.</li>
</ul>
<ul>
<li>Amplify Bluestar Israel Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITEQ#NYSE">ITEQ</a>) which targets a similar set of companies has followed a close trajectory, gaining 0.9% on Thursday.</li>
</ul>
The Tel Aviv Stock Exchange, followed by the TA-35 Index, marks one of the largest index-led losses this week, having lost 3.4% on the last five trading days and 1.7% on Thursday alone.
Yet some of the largest U.S.-listed Israeli companies have experienced a better week, showing that tech companies coming out of the Middle-eastern country that reach a global market, aren&#39;t suffering the costs of Israel&#39;s diplomatic debacle as bad as the country&#39;s overall stock market.
<ul>
<li>Self-driving technology company Mobileye Global Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBLY#NASDAQ">MBLY</a>), which is majority-owned by Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), is up 1.5% on Thursday, recovering losses from a minor Tuesday slump, to be up 0.5% in the past five days.</li>
</ul>
<ul>
<li>IT and software security company Check Point Software Technologies Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>), which has 10 offices in the United States and 60 others worldwide, is up 0.3% on Thursday.</li>
</ul>
<ul>
<li>Customer relations management software company Nice Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NICE#NASDAQ">NICE</a>) is up 1% on Thursday after a minor drop on Tuesday.</li>
</ul>
Now Read: <a href="https://www.benzinga.com//node/38065943">Russia Says Over 100K Enlist In Armed Forces Following Moscow Concert Hall Attack</a>
Shutterstock image.

Iran's Revenge Promise Against Israel Is Taking Down Its Stock Market — But Large Tech Companies Appear Immune

Mizuho analyst Gregg Moskowitz maintains Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) with a Neutral and maintains $160 price target.

Mizuho Maintains Neutral on Check Point Software, Maintains $160 Price Target

Checkpoint To Collaborate With Microsoft On AI Copilot

<a href="https://www.checkpoint.com/press-releases/check-point-to-set-new-standard-for-securing-ai-cloud-infrastructure-at-scale-with-nvidia/">https://www.checkpoint.com/press-releases/check-point-to-set-new-standard-for-securing-ai-cloud-infrastructure-at-scale-with-nvidia/</a>
<a href="https://www.checkpoint.com/">Check Point Software Technologies Ltd.</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>), a leading AI-powered, cloud-delivered cyber security platform provider, today announced it is collaborating with NVIDIA to enhance the security of AI cloud infrastructure. Integrating NVIDIA BlueField DPUs, which feature a broad range of purpose-built, innovative security capabilities, the new Check Point AI Cloud Protect solution will help prevent threats at both the network and host levels.
"AI provides great benefits across healthcare, education, finance and more. At the same time, the rate and sophistication of cyber attacks is increasing, with threat actors increasingly looking at ways to disrupt AI workloads in the cloud," said Gera Dorfman, Vice President of Network Security at Check Point Software Technologies. "We're working with NVIDIA to deliver a new secure AI cloud solution with Check Point AI Cloud Protect that guards even the most sensitive and private AI workloads against cyber threats."
The rapid proliferation of AI has brought about a revolution in workplace efficiency and innovation. However, this growth also creates additional attack vectors specifically targeting AI, such as backdooring AI models to control a model's output or to gain unauthorized access to the environment, data exfiltration to expose intellectual property, and denial of service to degrade performance and reduce capacity. These threats compromise the integrity and security of AI systems and pose risks to business outcomes. They can also erode the foundational trust in AI operations, while potentially affecting other aspects of the data center. There is a critical need for a revamped security approach to protect not only the data in its traditional form but the AI models themselves, which are central to innovation and competitive edge.
Check Point aims to address these challenges with NVIDIA by integrating network and host-level security insights, offering a comprehensive solution that protects AI infrastructures from both conventional and novel cyber threats. This integrated approach helps ensure the security system is cognizant of network activities and host-level processes, which is crucial for safeguarding AI's future.
"As AI becomes more pervasive, securing AI clouds becomes paramount," said Yael Shenhav, Vice President of Networking Products at NVIDIA. "NVIDIA BlueField 3 enables innovators such as Check Point to offer robust cyber defense measures to secure AI cloud data centers, while also ensuring peak AI performance."
In response to these emerging challenges, AI Cloud Protect emerges as a strategic solution, addressing the dynamic security requirements of the AI era. Designed for easy deployment and adaptability, it offers out-of-the-box security without impacting AI performance. Designed for effortless integration and scalability, the AI Cloud Protect provides a robust shield against sophisticated cyber threats. Engineered with the NVIDIA BlueField 3 DPU, which powers a new class of AI cloud data centers, and the NVIDIA DOCA software framework, AI Cloud Protect is designed to seamlessly integrate into NVIDIA's AI ecosystems, providing:
<ul>
<li>Robust Defense Against AI-Specific Threats: Empowers organizations to efficiently shield against model inversion, model theft and other attack vectors with unprecedented efficiency.</li>
<li>Scalable, Seamless Integration: Facilitates easy deployment across diverse AI environments, ensuring security measures grow in tandem with organizational needs.</li>
<li>Optimized Performance with Zero Compromise: Ensures AI operations continue unhindered, with security processes running discretely, leveraging NVIDIA's technological infrastructure without impacting AI performance.</li>
</ul>
For more information on the Check Point AI Cloud Protect security solution and its integration of NVIDIA BlueField technology, &nbsp;visit <a href="https://www.checkpoint.com/ai/cloudprotect/">www.checkpoint.com/ai/cloudproduct/</a>

NVDA

Check Point To Set New Standard For Securing AI Cloud Infrastructure At Scale With NVIDIA

TD Cowen analyst Shaul Eyal maintains Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) with a Outperform and raises the price target from $180 to $205.

TD Cowen Maintains Outperform on Check Point Software, Raises Price Target to $205

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Shares of several cybersecurity-related stocks are trading lower in sympathy with Palo Alto Networks, which fell after the company issued weak guidance.

Truist Securities analyst Joel Fishbein maintains Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) with a Buy and raises the price target from $170 to $175.

Truist Securities Maintains Buy on Check Point Software, Raises Price Target to $175

Mizuho&nbsp;analyst Gregg Moskowitz maintained&nbsp;Check Point Software Technologies Ltd&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) with a Neutral and raised the&nbsp;<a target="_blank" href="https://www.benzinga.com/quote/CHKP/analyst-ratings" rel="noreferrer noopener">price target from $150 to $160</a>.
The analyst noted that total fourth-quarter revenue growth of 4% Y/Y slightly exceeded consensus, as subscription revenue grew 15% Y/Y. The billings declined 1% Y/Y (vs. the Street&#8217;s flattish growth forecast), and product revenue (-9% Y/Y)&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/02/36952127/check-point-software-tops-earnings-estimates-announces-ceo-transition" rel="noreferrer noopener">remained significantly challenged.&nbsp;</a>
More positively, operating margins of 46.5% were better than expected, he said. Meanwhile, it provided a generally solid initial outlook for 2024, including revenue growth of ~6% Y/Y at the midpoint. And notably, CHKP announced a CEO succession plan, the analyst added.
More broadly, while valuation is relatively inexpensive, he noted that Check Point continues to cede market share, and the company may struggle to execute until the operating environment meaningfully improves consistently. Moskowitz projects first-quarter revenue and EPS of $600 million (prior $598 million) and $2.03, respectively.
Wedbush analyst Daniel Ives maintained Check Point with an Outperform and raised the price target from $170 to $185.
The analyst remains positive on CHKP as the company still sees cross-sell/ upsell opportunities within its install base across multiple growing cyber markets. The cyber threat landscape accelerates with AI, driving more sophisticated and constant malware activity.
Ives projects first-quarter revenue and EPS of $591.2 million (prior $593.6 million) and $2.03 (prior $1.94).
Truist analyst Joel P. Fishbein Jr. reiterated a Buy on CHKP with a price target of $175, up from $170. He said CHKP reported fourth-quarter revenues that were within company guidance but higher than consensus expectations.
The company continued to see some weakness in product revenue but noted that overall business began to see a turnaround across all geographies. The analyst flagged that it delivered solid subscription revenue driven by strength in the Harmony product family and the Infinity Platform. 
Check Point issued FY24 guidance that implies a growth uptick with stable profitability and remains committed to investing to capitalize on vendor consolidation trends amidst a stabilizing macro. Fishbein Jr. projects first-quarter revenue and EPS of $599 million (prior $596 million) and $2.01.
Susquehanna analyst Shyam Patil maintained Check Point with a Positive and raised the price target from $190 to $200.
The analyst noted that Check Point reported a healthy fourth quarter, with a solid top line and further strength on the bottom line. The outlook calls for further top-line acceleration at the midpoints in the first quarter and 2024, with management pointing to the potential for upside beyond that contemplated in the guide. 
Patil remains bullish on CHKP&#8217;s technological leadership and is optimistic about the potential for further top-line acceleration while maintaining or expanding margins.
KeyBanc analyst Eric Heath had a Sector Weight rating on Check Point following a mixed fourth quarter, with total revenue and subscription revenue about in line; short-term billings and EPS above consensus, but billings, product revenue, and free cash flow below.
Heath noted CHKP as fairly valued, given low visibility into a return to market growth and ongoing margin pressure. Heath projects first-quarter revenue and EPS of $592.4 million (prior $599.8 million) and $2.00 (prior $1.98).
Price Action: CHKP shares traded higher by 1.82% at $165.40 on the last check Wednesday.

Equities

Check Point Software Garners Cautious Optimism From Analysts: Solid Revenue Growth Clashes With Market Share Concerns

Scotiabank analyst Patrick Colville maintains Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) with a Sector Outperform and raises the price target from $170 to $180.

Scotiabank Maintains Sector Outperform on Check Point Software, Raises Price Target to $180

BMO Capital has decided to maintain its Market Perform rating of Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) and raise its price target from $175.00 to $185.00.
Shares of Check Point Software are trading down 1.06% over the last 24 hours, at $160.73 per share.
A move to $185.00 would account for a 15.1% increase from the current share price.
<h3>About Check Point Software</h3>
Check Point Software Technologies is a pure-play cybersecurity vendor. The company offers solutions for network, endpoint, cloud, and mobile security in addition to security management. Check Point, a software specialist, sells to enterprises, businesses, and consumers. Around 50% of revenue is generated in Europe, the Middle East, and Africa, 40% from the Americas, and 10% from the Asia-Pacific region. The firm, based in Tel Aviv, Israel, was founded in 1993 and has about 5,000 employees.
<h3>About Analyst Ratings</h3>
Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.
Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.
If you want to keep track of which analysts are outperforming others, you can view updated analyst ratings along with analyst success scores in <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

BMO Capital Maintains Market Perform Rating for Check Point Software: Here's What You Need To Know

RBC Capital analyst Matthew Hedberg maintains Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) with a Sector Perform and raises the price target from $159 to $165.

RBC Capital Maintains Sector Perform on Check Point Software, Raises Price Target to $165

BMO Capital analyst Keith Bachman maintains Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) with a Market Perform and raises the price target from $175 to $185.

BMO Capital Maintains Market Perform on Check Point Software, Raises Price Target to $185

Susquehanna analyst Shyam Patil maintains Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) with a Positive and raises the price target from $190 to $200.

Susquehanna Maintains Positive on Check Point Software, Raises Price Target to $200

Wedbush analyst Daniel Ives maintains Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) with a Outperform and raises the price target from $170 to $185.

Wedbush Maintains Outperform on Check Point Software, Raises Price Target to $185

Mizuho analyst Gregg Moskowitz maintains Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) with a Neutral and raises the price target from $150 to $160.

Mizuho Maintains Neutral on Check Point Software, Raises Price Target to $160-Report Released on 6th February 2024

U.S. stocks are poised for another day of weakness, although <a href="https://www.benzinga.com/news/earnings/24/02/36941798/palantir-q4-earnings-revenue-beat-eps-in-line-continued-gaap-profitability-ahead-and-more" target="_blank" rel="noreferrer noopener">some positive tech earnings</a> may provide a modest lift to the sector. The market appears to be digesting information following a rally that began after the early January downturn. According to a recent report from FactSet, estimated earnings growth for S&amp;P 500 companies has turned upward as more companies report earnings beats by a wide margin. Additionally, speeches from Federal Reserve officials scheduled for the day could influence trading.
Cues From Monday's Trading:
Major indices paused on Monday due to concerns about overbought levels, prompting caution among investors. Federal Reserve commentary suggested that the central bank may refrain from cutting rates until evidence of a sustained downtrend in inflation emerges.
The Institute of Supply Management&#8217;s service sector reading added to concerns about delayed rate cuts from the Fed. The survey showed &#8220;economy growing solidly in early 2024 and prices rising, further reducing odds of a March rate cut,&#8221; said Comerica Chief Economist&nbsp;Bill Adams.
Indices opened lower and extended losses in early trading before rebounding from lows later in the morning. However, they still ended the day down, with both the S&amp;P 500 Index and the Dow Industrials retreating from record levels.
All sectors, except healthcare stocks, experienced declines, with material, utility, and real estate stocks particularly affected by the sell-off.
 US Index Performance On Monday
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-0.20%</td>
<td>15,597.68</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-0.32%</td>
<td>4,942.81</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-0.71%</td>
<td>38,380.12</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-1.30%</td>
<td>1,937.24</td>
</tr>
</tbody>
</table>
</figure>
Analyst Color:
The high-flying S&amp;P 500 Index could see some slowdown, according to LPL Financial Chief Technical Strategist Adam Turnquist. &#8220;The S&amp;P 500 is now riding a four-week winning streak — making it an impressive 13 out of 14 positive weeks — and has gained more than 20% since the October 2023 lows,&#8221; the analyst said.
&#8220;While markets can remain overbought for extended periods, especially in strong bull markets, extremes in momentum often portend price pullbacks or consolidation phases.&#8221;
He noted that the index has recently climbed to over 10% above its 200-day simple moving average, raising the odds for potential reversion to its mean. Also, the market breadth has not improved despite the S&amp;P 500&#8217;s rally, the analyst said, adding that declining shares modestly outpaced advancers last month and there were fewer S&amp;P 500 stocks making new 52-week highs in January than in December. 
&#8220;This negative divergence, defined by the S&amp;P 500 moving higher as breadth metrics move lower, further raises the odds of a potential pullback or consolidation phase for stocks,&#8221; Turnquist said.
&#8220;In terms of potential entry points, the next key downside support levels for the S&amp;P 500 set up near 4,830, 4,800, and 4,726.&#8221;
Futures Today
 Futures Performance On Tuesday
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.04%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.09%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.16%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.48%</td>
</tr>
</tbody>
</table>
</figure>
<a href="https://www.benzinga.com/premarket/">In premarket trading</a> on Tuesday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) edged down 0.02% to $492.39 and the Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) gained 0.02% to $428.52, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a>
Upcoming Economic Data:
A slew of Fed officials are scheduled to speak on Tuesday, including
<ul>
<li>Cleveland Fed President Loretta Mester: 12 p.m. ET</li>
<li>Minneapolis Fed President Neel Kashkari: 1 p.m. ET</li>
<li>Boston Fed President: Susan Collins: 2 p.m.</li>
<li>Philadelphia Fed President: Patrick Harker: 7 p.m. ET</li>
</ul>
The Treasury will auction three-year notes at 1 p.m. ET.
See also: <a href="https://www.benzinga.com/money/futures-vs-options">Futures Vs. Options</a>
Stocks In Focus:
<ul>
<li>Rambus Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RMBS#NASDAQ">RMBS</a>) fell over 10% in premarket trading following its quarterly earnings announcement.</li>
<li>Palantir Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) jumped about 17% after the company reported its fourth straight quarterly profit and also offered positive commentary regarding its AI platform.</li>
<li> J&amp;J Snack Foods Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JJSF#NASDAQ">JJSF</a>) slumped over 7% on earnings.</li>
<li>Check Point Software Technologies Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>), DuPont de Nemours, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DD#NYSE">DD</a>), Eli Lilly and Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>), GE HealthCare Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GEHC#NASDAQ">GEHC</a>), Hertz Global Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTZ#NASDAQ">HTZ</a>) and Spotify Technology SA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) are among the companies due to release their quarterly results before the market open.</li>
<li>Those reporting after the close include Amgen, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>), Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>), Edwards Lifesciences Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EW#NYSE">EW</a>), Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), Cirrus Logic, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRUS#NASDAQ">CRUS</a>), H&amp;R Block, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRB#NYSE">HRB</a>), The Western Union Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WU#NYSE">WU</a>), Yum China Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUMC#NYSE">YUMC</a>) and MicroStrategy Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>).</li>
</ul>
Commodities, Bonds, Other Global Equity Markets:
Crude oil futures rose 0.59% to $73.21 in early European session on Tuesday, building on the modest gain they made in the previous session. The benchmark 10-year Treasury note edged down 0.006 percentage points to 4.158% on Tuesday.
In Asia, Chinese and Hong Kong equities rallied amid reports that authorities are contemplating measures to stem the stock market slide. On the other hand, the Australian market fell moderately after the nation&#8217;s central bank kept rates unchanged. Japanese, South Korean and Singaporean markets also retreated.
Sentiment in Europe was mixed by late-morning trading on Tuesday.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/02/36948376/nvidias-valuation-set-to-leapfrog-past-amazon-alphabet-as-ai-stalwarts-stock-closes-in-on-700-ma">Nvidia&#8217;s Valuation Set To Leapfrog Past Amazon, Alphabet As AI Stalwart&#8217;s Stock Closes In On $700 Mark: Is The Meteoric Climb Sustainable?</a>

Futures

Previews

Economics

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Pre-Market Outlook

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RMBS

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<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Check Point Software (NASDAQ:<a href="https://investorplace.com/stock-quotes/chkp-stock-quote/">CHKP</a>) just reported results for the first quarter of 2024.<ul><li>Check Point Software reported earnings per share of $2.04. This was above the analyst estimate for EPS of $2.00.</li><li>The company reported revenue of $598.80 million.</li><li>This was 0.66% better than the analyst estimate for revenue of $594.88 million.</li></ul><div>InvestorPlace Earnings is a project that leverages data from <a href="https://www.tradesmith.com">TradeSmith</a> to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at <a href="mailto:editor@investorplace.com">editor@investorplace.com</a>.</div><h3>More From InvestorPlace</h3>
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	The post <a href="https://investorplace.com/2024/04/chkp-stock-earnings-check-point-software-for-q1-of-2024/">CHKP Stock Earnings: Check Point Software Beats EPS, Beats Revenue for Q1 2024</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

CHKP Stock Earnings: Check Point Software Beats EPS, Beats Revenue for Q1 2024

Check Point Software Technologies Ltd. 2024 Q1 - Results - Earnings Call Presentation

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Check Point, other cybersecurity firms dip, as quarterly earnings unfurl

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Press Releases

Check Point Software Unveils Comprehensive 2024 Security Report, Highlighting Ransomware Surge and AI Defense Innovations

Cyber Startup Secures 7 Million Networks, 500 Million Connected Devices – SAM Seamless Network Protects Customers Of Verizon, Virgin Media, Orange And Bezeq

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Introducing Check Point Harmony SaaS: The Cutting-Edge Solution for SaaS Threat Prevention

Check Point Software Achieves Top Ranking Zero Trust Platform Benchmark

Check Point to Set New Standard for Securing AI Cloud Infrastructure at Scale with NVIDIA

Check Point Announces a New Collaboration with Microsoft to Supercharge Infinity AI Copilot with Microsoft Azure OpenAI Service

Check Point Software to Announce 2024 First Quarter Financial Results on April 25, 2024

Check Point Software Technologies Transforms Email Security Again: Patented Unified Administration Boosts Efficacy and Improves Productivity