CHKP

Key Takeaways

- The decisive number is the implied growth in the price: at $122.35 the reverse-DCF reads the market as assuming operating income shrinks about 3% a year. For a 35% operating-margin software franchise with $2.37 billion of net cash, that is a low bar to clear. - Nearly every valuation family sits at or below the price. Relative valuation lands at $236, EV/EBITDA relative at $207, and the two-stage excess-return view at $224, all above the quote. This is a value-supported name, not a growth bet.

Institutional ownership

682 institutional managers reported holding CHKP in 13F filings for the quarter ended 2026-03-31. Together they hold about 66% of the company; the top 10 hold 29%. 59 opened new positions that quarter. Held by MFS Investment Management, BlackRock, State Street, among others. On the short side, 4.6M shares were sold short as of the 2026-06-15 count, about 4% of shares outstanding (3.3 days of typical volume to cover).

Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.

Capital returns

CHKP has cut its share count 19.4% over the past five years, spending $8.54B on repurchases. It pays no dividend. Cash returned over the past three years: $5.94B in repurchases.

Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.

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