Hedge Funds Are Selling Check Point Software Technologies Ltd. (CHKP)

Because Check Point Software Technologies Ltd. (NASDAQ:CHKP) has experienced a declination in interest from the aggregate hedge fund industry, logic holds that there were a few hedge funds that decided to sell off their positions entirely by the end of the third quarter. At the top of the heap, Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital dumped the largest stake of the 700 funds tracked by Insider Monkey, comprising about $79.2 million in call options.. Michael Hintze’s fund, CQS Cayman LP, also dropped its call options., about $15.9 million worth of shares. These transactions are interesting, as aggregate hedge fund interest was cut by 10 funds by the end of the third quarter.

Let’s now take a look at hedge fund activity in other stocks similar to Check Point Software Technologies Ltd. (NASDAQ:CHKP). These stocks are National-Oilwell Varco, Inc. (NYSE:NOV), DTE Energy Co (NYSE:DTE), Republic Services, Inc. (NYSE:RSG), and Coca-Cola FEMSA, S.A.B. de C.V. (ADR) (NYSE:KOF). All of these stocks’ market caps are similar to Check Point Software Technologies Ltd. (NASDAQ:CHKP)’s market cap.

As you can see, these stocks had an average of 21 hedge funds with bullish positions and the average amount invested in these stocks was $689 million. That figure was $1.42 billion in Check Point Software Technologies Ltd. (NASDAQ:CHKP)’s case. Republic Services, Inc. (NYSE:RSG) is the most popular stock in this table. On the other hand, Coca-Cola FEMSA, S.A.B. de C.V. (ADR) (NYSE:KOF) is the least popular one with only 11 bullish hedge fund positions. Compared to these stocks, Check Point Software Technologies Ltd. (NASDAQ:CHKP) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.