Ariel Investments, an investment management company, has released its Q3 2024 “Ariel Global Fund” investor letter. You can download a copy of the letter here. Despite significant volatility, global markets reported gains in the third quarter. The Ariel Global fund rose +6.94% in the quarter, outperforming the +6.61% return of its primary benchmark, the MSCI ACWI Index, and lagging the +9.42% return of its secondary benchmark , the MSCI ACWI Value Index. Ariel takes a non-consensus approach to identifying undervalued, out-of-favor franchises that are misunderstood and mispriced. Plus, take a look at the fund’s top five investments to find out what the best choices are in 2024.
Ariel Global Fund highlighted stocks like Check Point Software Technologies Ltd. (NASDAQ:CHKP) in its Q3 2024 investor letter. Check Point Software Technologies Ltd. (NASDAQ:CHKP) is a technology company that develops, markets and supports a range of IT security products and services. The one-month return of Check Point Software Technologies Ltd. (NASDAQ:CHKP) was -15.01%, and the stock has gained 21.70% of its value over the past 52 weeks. On November 19, 2024, Check Point Software Technologies Ltd. shares closed. (NASDAQ:CHKP) at $174.56 per share with a market cap of $19.199 billion.
Ariel Global Fund stated the following about Check Point Software Technologies Ltd. (NASDAQ:CHKP) in its Q3 2024 investor letter:
“Israeli supplier of information technology security products, Check Point Software Technologies Ltd. (NASDAQ:CHKP) also advanced after solid quarterly earnings results. Double-digit billing growth was particularly strong across all geographies. It appears that consumers are adopting more pillars of the Check Point platform and making greater strategic commitments to Infinity and Quantum Force. The company also announced the appointment of new CEO Nadav Zafrir, whose reputation is well established in the cyber community. Meanwhile, Check Point remains an astute capital manager, pursuing organic growth and using excess cash to return capital to shareholders. We continue to favor the company’s exposure to the fast-growing cloud security market and its industry-leading profitability.”
An engineer typing on a computer developing the latest cybersecurity application.
Check Point Software Technologies Ltd. (NASDAQ:CHKP) isn’t on our list of the 31 most popular stocks among hedge funds. According to our database, at the end of the third quarter, Check Point Software Technologies Ltd. (NASDAQ:CHKP) Owned 32 hedge fund portfolios, up from 31 in the previous quarter. The turnover of Check Point Software Technologies Ltd. (NASDAQ:CHKP) in the third quarter rose 7% year over year to $635 million, beating projections by $3 million. While we recognize the potential of Check Point Software Technologies Ltd. (NASDAQ:CHKP) as an investment, our belief lies in the belief that AI stocks hold greater promise for delivering higher returns in a shorter time frame. If you’re looking for an AI stock that’s as promising as NVIDIA, but trades at less than five times earnings, check out our report on the cheapest AI stocks.
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