Check Point Software Tech Ltd Stock Price, News & Analysis

Check Point Software Technologies (NASDAQ: CHKP) announced shareholder approval of all five proposals during its 2021 Annual General Meeting held on August 10, 2021. Approximately 75% of outstanding shares, totaling about 99.1 million, participated in the voting. This endorsement highlights the confidence shareholders have in the company and its operations.

For detailed information about the proposals, refer to the company's proxy statement available on their investor relations page.

Check Point Software Technologies (NASDAQ: CHKP) announced its recognition as a Market Leader in Omdia's Market Radar Mobile Security Management Solutions Report, highlighting its Check Point Harmony Mobile product. The report evaluated seven criteria, including endpoint threat detection and market impact, where Check Point excelled. The need for robust mobile security is underscored by a finding that 97% of organizations faced mobile threats across multiple attack vectors. With the rise of hybrid work, the company's solutions aim to safeguard both corporate and personal devices.

Check Point Software Technologies (NASDAQ: CHKP) has announced a significant $2 billion expansion of its share repurchase program, allowing for up to $325 million in shares to be repurchased each quarter. Since the inception of the program in February 2020, approximately 188 million shares have been repurchased for $11.1 billion. The company aims to enhance shareholder value through this initiative, which may involve open market or privately negotiated transactions. The repurchase is expected to be funded from available working capital.

Check Point Software Technologies (NASDAQ: CHKP) released its 'Cyber Attack Trends: 2021 Mid-Year Report', revealing a significant 29% rise in global cyber-attacks. The EMEA region saw a 36% increase, while ransomware attacks surged by 93%. APAC faced the highest weekly attacks at 1,338. This report highlights the emergence of 'Triple Extortion' ransomware tactics and ongoing supply chain threats, building on notable incidents like SolarWinds and Colonial Pipeline. As cybercriminals adapt their strategies, predictions indicate a continuation of ransomware proliferation in H2 2021.

Check Point Software Technologies Ltd. (NASDAQ: CHKP) reported a 4% year-over-year increase in total revenue for Q2 2021, reaching $526 million. Deferred revenues grew by 10% to $1,472 million. GAAP operating income stood at $222 million, and GAAP EPS remained stable at $1.38. Non-GAAP EPS increased by 2% year-over-year to $1.61. The company highlights strong growth in its CloudGuard and Harmony services, alongside a significant rise in ransomware attacks, emphasizing a need for a prevention-first security strategy.

Check Point Software Technologies (NASDAQ: CHKP) has partnered with Incedo to enhance its cybersecurity measures amid rising global cyber threats. By consolidating its multi-vendor security approach, Incedo implemented Check Point's advanced solutions, including Quantum Security Gateways and Harmony Endpoint, achieving 100% protection against ransomware and reducing endpoint costs by approximately 30%. The collaboration boosts productivity and resilience, particularly vital during the COVID-19 pandemic. Incedo plans to further enhance its security with Check Point's CloudGuard solution.

Check Point Research has released its Q2 Brand Phishing Report, revealing that Microsoft was the most impersonated brand by cybercriminals, involved in 45% of phishing attempts. DHL followed at 26%, while Amazon, Best Buy, and Google were also targeted. The report indicates a rising trend in phishing activities, with over 2,300 new domains registered for Amazon ahead of Prime Day. The technology sector remains the most affected, emphasizing the need for users to remain vigilant against fraudulent communications.

Check Point Research has reported that Trickbot malware retains its status as the most prevalent malware for June 2021, marking the second consecutive month in this position. Trickbot, known for banking trojan functionalities, accounts for a global impact of 7% on organizations. The report highlights a significant increase in ransomware attacks, with weekly incidents rising by 93% over the past year. Additionally, the most exploited vulnerabilities include HTTP Headers Remote Code Execution, affecting 47% of organizations, and MVPower DVR Remote Code Execution impacting 45%.