Check Point Software Technologies Ltd. (NASDAQ: CHKP) shares rose in value on Friday, January 13 on heavier trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, The Dow Jones Industrial Average DJIA, -0.03% slipped 5.27 points to close 19,885.73, moving in a roughly 100-point range all session. For the week, the blue-chip index is off 0.4%.
U.S. financial markets will be closed Monday for Martin Luther King Jr. Day.
The S&P 500 index SPX, +0.18% added 4.20 points, or 0.2%, to end at 2,274.64 for a weekly loss of 0.1%, and the Nasdaq Composite Index COMP, +0.48% climbed 26.63 points, or 0.5%, to finish at 5,574.12, its sixth all-time closing high in seven trading sessions.
Analysts at OTR Global upgraded shares of Check Point Software Technologies Ltd. (NASDAQ: CHKP) from to Positive today. OTR Global currently has a rating of Positive on the stock. The one-year price target of $84.79 is a decrease compared to the opening price of $89.46, that has caused a fair amount of other analysts to comment on the stock in recent days. Looking back over the last 52 weeks, Check Point Software Technologies Ltd. stock has a high of $92.23. Stock prices sometimes get a spike to the upside when analysts upgrade a stock.
Yesterday Check Point Software Technologies Ltd. (NASDAQ: CHKP) shares last traded at $90.71, which is a jump of $1.52 compared to the previous closing price. Opening at $89.46, they fluctuated from $89.43 and $92.23 throughout the day.
Check Point Software Technologies Ltd. (NASDAQ: CHKP) currently has a market cap of 15.34B.
Check Point Software Technologies Ltd. (NASDAQ: CHKP) Average Daily Trading Volume
3,289,086 shares traded hands yesterday, 86 percent higher than normal, out of a total float 124,357,000. higher than normal. Significant increases in trading volume and price appreciation together could signal heavy volume accumulation by institutional investors.
However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these retain teams of analysts researching thousands of stocks, so it is good corroboration to see them taking a postion in a stock you’re considering.
Check Point Software Technologies Ltd. (NASDAQ: CHKP) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By identifying trends, moving averages allow traders to make those trends work in their favor and increase the number of successful trades.
Trades for Check Point Software Technologies Ltd. (NASDAQ: CHKP) have ranged from $71.64 – 92.23, and the stock now has a 50-day MA of $84.36 and 200-day MA of $79.93. Today’s last price is 1.65%% below the 52 week high of $92.23.
Earnings growth is a critical factor to research when buying stocks and investors look for companies that have been successful at growing their earnings at least 25% or more for 3 consecutive years.
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