Just noticed that Sphera Management Technology Funds completely exited their Check Point position in Q4 - dumped all 15,000 shares worth around $3.1 million. Not a massive position (was only 1% of their portfolio), but interesting that they bailed entirely. The timing lines up with CHKP getting hammered over the past year, down about 25% while the broader market did fine. Makes sense though - cybersecurity has become super competitive, and Check Point's growth is lagging behind rivals like CrowdStrike. Only 6% revenue growth in 2025 is pretty weak for the sector. Stock's trading at like $165 with a modest 17 P/E, but apparently that wasn't enough to convince Sphera to hold. Looks like their capital is going elsewhere instead - they've been loading up on the usual mega-caps (Meta, Amazon, Microsoft, Tesla). Might be a sign that even fund managers are losing patience with Check Point's performance relative to other opportunities out there.