Check Point software announcement – GuruFocus.com
SAN CARLOS, Calif., August 05, 2021 (GLOBE NEWSWIRE) – Check Point® Software Technologies Ltd. (CHKP), a leading global provider of cybersecurity solutions, today announced that its board of directors has authorized a $ 2 billion expansion of the company’s ongoing share buyback program. As part of the expanded share repurchase program, Check Point is authorized to continue repurchasing its shares up to a maximum of $ 325 million each quarter.
As of June 30, 2021, Check Point had approximately 133 million common shares outstanding. Since the start of the share buyback program, Check Point has repurchased approximately 188 million shares for a total purchase price of approximately $ 11.1 billion. The updated plan extends the company’s existing buyback program from February 2020, which is expected to be completed in the fourth quarter of 2021.
Purchases of shares under the Extended Repurchase Program will take place through open market transactions or privately traded transactions and may be made from time to time depending on market conditions, share price. share, trading volume and other factors. These purchases will be made in accordance with applicable US securities laws and regulations. For all or part of the authorized redemption amount, Check Point may enter into a plan complying with Rule 10b5-1 of the United States Securities Exchange Act of 1934 designed to facilitate such purchases. The buyback program does not require Check Point to acquire a specific number of shares and may from time to time be suspended or discontinued. Share buybacks should be funded from available working capital.
About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading provider of cybersecurity solutions to businesses and governments around the world. Check Point Infinity’s portfolio of solutions protects businesses and public organizations against 5th generation cyberattacks with industry-leading malware, ransomware and other threat capture rates. Infinity includes three main pillars of uncompromising security and Gen V threat prevention in enterprise environments: Check Point Harmony, for remote users; Check Point CloudGuard, to automatically secure clouds; and Check Point Quantum, to protect network perimeters and data centers, all controlled by the industry’s most comprehensive and intuitive unified security management. Check Point protects more than 100,000 organizations of all sizes.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operational performance. Forward-looking statements contained in this press release include, without limitation, statements relating to statements relating to our expectations regarding the Check Point share repurchase program and the updated share repurchase program. Check Point’s expectations and beliefs regarding these matters may not materialize, and actual results for future periods are subject to risks and uncertainties which could cause actual results to differ materially from those projected. These risks include our ability to continue to develop platform capabilities and solutions; customer acceptance and purchase of our existing and new solutions; the IT security market continues to grow; competition from other products and services; general market, political, economic and commercial conditions; market conditions, share price, trading volume of Check Point common stock; Check Point’s strategic decisions regarding the use of capital; and Check Point working capital available for share buybacks. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those described in more detail in our documents filed with the Securities and Exchange Commission, including Check Point’s annual report on the form 20-F filed with the Securities and Exchange Commission on April 2, 2021. The forward-looking statements contained in this press release are based on information available to Check Point as of the date hereof, and Check Point disclaims any obligation to update forward-looking statements, except as required by law.
© 2021 Check Point Software Technologies Ltd. All rights reserved.
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