Check Point Software Technologies Ltd. (NASDAQ:CHKP) has seen a decrease in enthusiasm from smart money of late.
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With these “truths” under our belt, let’s take a glance at the key action surrounding Check Point Software Technologies Ltd. (NASDAQ:CHKP).
What have hedge funds been doing with Check Point Software Technologies Ltd. (NASDAQ:CHKP)?
At Q1’s end, a total of 28 of the hedge funds we track were bullish in this stock, a change of -10% from the first quarter. With hedge funds’ sentiment swirling, there exists a few notable hedge fund managers who were upping their stakes meaningfully.
When looking at the hedgies we track, Robert Rodriguez and Steven Romick’s First Pacific Advisors LLC had the largest position in Check Point Software Technologies Ltd. (NASDAQ:CHKP), worth close to $112.8 million, accounting for 1.2% of its total 13F portfolio. The second largest stake is held by David Cohen and Harold Levy of Iridian Asset Management, with a $93.8 million position; 1.4% of its 13F portfolio is allocated to the company. Some other peers that hold long positions include Robert Pitts’s Steadfast Capital Management, D. E. Shaw’s D E Shaw and David Tepper’s Appaloosa Management LP.
Because Check Point Software Technologies Ltd. (NASDAQ:CHKP) has faced declining sentiment from the entirety of the hedge funds we track, we can see that there is a sect of funds who were dropping their entire stakes in Q1. At the top of the heap, Thomas Steyer’s Farallon Capital dropped the biggest stake of the 450+ funds we watch, comprising close to $127.3 million in stock.. Martin D. Sass’s fund, MD Sass, also dropped its stock, about $24.1 million worth. These bearish behaviors are important to note, as aggregate hedge fund interest was cut by 3 funds in Q1.
What have insiders been doing with Check Point Software Technologies Ltd. (NASDAQ:CHKP)?
Insider purchases made by high-level executives is at its handiest when the company in focus has experienced transactions within the past six months. Over the last six-month time frame, Check Point Software Technologies Ltd. (NASDAQ:CHKP) has experienced zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).
Let’s check out hedge fund and insider activity in other stocks similar to Check Point Software Technologies Ltd. (NASDAQ:CHKP). These stocks are AsiaInfo-Linkage, Inc. (NASDAQ:ASIA), Mantech International Corp (NASDAQ:MANT), Brady Corp (NYSE:BRC), Sourcefire, Inc. (NASDAQ:FIRE), and Symantec Corporation (NASDAQ:SYMC). All of these stocks are in the security software & services industry and their market caps resemble CHKP’s market cap.