Check Point Advances to 18-Month High After Earnings BeatMatthew Kanterman
Check Point Software Technologies Ltd., the Israeli maker of network security gear, rose to the highest level since April 2012 after reporting better-than-estimated earnings for the third quarter.
Shares advanced 3.6 percent to $60.51 at 1:23 p.m. in New York. Trading volume on Check Point’s shares, which have gained 27 percent this year, was double the daily average during the past 90 days.
Check Point, based in Tel Aviv, said third-quarter adjusted earnings per share rose to 85 cents, higher than the 84-cent average estimate of 25 analysts compiled by Bloomberg. Sales increased to $344.1 million in the quarter, beating analysts’ projection for $343.7 million. Order bookings increased 10 percent in the quarter, according to Jefferies LLC.
“The income statement was in line, bookings was a little bit better, and cash flows was the stronger part of the quarter,” Aaron Schwartz, an analyst at Jefferies, said by phone from New York. “The business is continuing to improve.”
Oppenheimer Holdings Inc. raised its price estimate on the shares by 9.7 percent to $68 while reiterating the equivalent of a buy rating.