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Check Point Software reported strong 3Q results on Thursday, with its top and bottom lines surpassing analysts’ expectations and demonstrating marked year-over-year improvement. Despite the upbeat quarterly performance, shares of the IT firewall and security provider fell 2.8% as it issued a disappointing 4Q sales outlook that fell short of Street estimates.Check Point Software (CHKP) forecasts 4Q revenues between $525 million and $575 million (mid-point $550 million). The company’s revenue projection at the mid-point is lower than the Wall Street expectation of $555.3 million. However, the mid-point of its adjusted EPS guidance range of $1.98 to $2.18 (mid-point $2.09) is in-line with Street estimates.Coming to its 3Q performance, the cybersecurity firm’s revenues increased 4% to $509 million year-on-year and surpassed analysts’ expectations of $504.1 million. The company’s adjusted EPS of $1.64 climbed 14% from the year-ago quarter and beat Street estimates of $1.53. (See CHKP stock analysis on TipRanks).Check Point’s CEO Gil Shwed said, “We executed well in the third quarter and delivered another successful virtual quarter. Revenues grew in all key areas with security subscriptions growing by 10 % and EPS grew by 14 % year over year. We saw expanded customer adoption of Quantum Network Gateways, CloudGuard, Infinity Total Protection and Beyond the Perimeter (BTP) – endpoint and mobile security solutions.”Following its quarterly results, Robert W. Baird analyst Jonathan Ruykhaver reiterated his Hold rating and price target of $125 (3.3% upside potential). In a note to investors, Ruykhaver wrote, “While commentary around performance from the core network security gateway business was solid for the quarter, we continue to expect longer-term secular headwinds to the on-premise firewall market. We expect CHKP will have to make continued investments in its cloud offerings if the company is to drive more meaningful growth.”Currently, the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 2 Buys and 3 Holds. With shares up over 9% year-to-date, the average price target of $135.75 implies a further upside potential of about 12.2% to current levels.Related News: STMicroelectronics To Top 2020 Sales Guidance After Quarterly Blowout AT&T Surprises With 3Q Sales Win; Shares Gain 5% PayPal’s New Service To Support Crypto; Shares Up 6% More recent articles from Smarter Analyst: * Kimberly Clark Sinks 7% On 3Q Earnings Miss * BJ’s Restaurants Shares Drop Despite 3Q Revenue Beat * Gilead’s Covid-19 Remdesivir Drug Scores FDA Approval; Shares Surge * Intel Sinks 9% As 3Q Data-Center Sales Disappoint
Check Point’s (CHKP) Q3 results reflect benefits from solid IT security demand and strong adoption of its cloud-based solutions, including Infinity, Mobile Access and Sandblast Agent.
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Check Point earnings and revenue for the September quarter topped analyst expectations. But that didn’t help shares in the rival of Fortinet and Palo Alto Networks, which fell Thursday.
Check Point Software Technologies is a pure-play cybersecurity vendor. The company offers solutions for network, endpoint, cloud, and mobile security in addition to security management. Check Point, a software specialist, sells to enterprises, businesses, and consumers. At the end of 2017, 47% of its revenue was from the Americas, 36% from Europe, and 17% from Asia-Pacific, Middle East, and Africa. The firm, based in Tel Aviv, Israel, was founded in 1993 and has about 5,000 employees.