Analyst Shrenik Kothari from Robert W. Baird maintained a Buy rating on Check Point (CHKP – Research Report) and keeping the price target at $255.00.
Shrenik Kothari’s rating is based on several positive financial indicators for Check Point Software Technologies Ltd. The company has shown a solid increase in its remaining performance obligations (RPO), which grew by 12% year-over-year, indicating a strong pipeline of future revenue. Additionally, Check Point’s deferred revenue also saw a healthy rise, with security subscriptions contributing significantly to this growth.
Moreover, the company has demonstrated robust performance across its various revenue streams, particularly in security subscriptions, which increased by 12.5% year-over-year. The geographic revenue breakdown highlights growth in key regions, with the Americas and EMEA regions showing notable increases. Furthermore, Check Point has expanded its workforce, particularly in research and development and technical services, which suggests a commitment to innovation and customer support. These factors collectively support the Buy rating given by Shrenik Kothari.
In another report released on March 14, Wells Fargo also upgraded the stock to a Buy with a $280.00 price target.