- Check Point Software Technologies Ltd (NASDAQ:CHKP) reported third-quarter FY21 revenue growth of 5% year-on-year to $534 million, beating the consensus of $529.6 million.
- Revenue from Products and licenses was nearly flat at $119.1 million, Security subscriptions increased 12.6% Y/Y to $190 million, and Software updates and maintenance grew 2.2% Y/Y to $224.9 million.
- Margin: The non-GAAP operating margin contracted 300 basis points to 49%.
- Non-GAAP EPS of $1.65 beat the consensus of $1.6.
- The company generated $251 million in operating cash flow and held $3.84 billion in cash and equivalents.
- During Q3, Check Point announced a $2 billion expansion to the share repurchase program with authorization to repurchase up to $325 million each quarter.
- “Subscription revenues increased by 13 percent driven by triple-digit growth in Infinity platform sales and double-digit growth in Harmony and CloudGuard,” said CEO Gil Shwed.
- Outlook: Check Point Software Technologies expects Q4 revenue of $560 million – $605 million (consensus $582.19 million) and adjusted EPS of $2.02 – $2.22 (consensus $2.06), Reuters reports.
- For FY21, it sees revenue of $2.13 billion – $2.72 billion (consensus $2.14 billion) and adjusted EPS of $6.81 -$7.01 (consensus $6.78), the report added. It had forecast revenue of $2.08 billion -$2.18 billion and adjusted EPS of $6.45 – $6.85.
- Price Action: CHKP shares traded higher by 2.22% at $120.74 on the last check Thursday.
Morgan Stanley Maintains Equal-Weight on DTE Energy, Lowers Price Target to $122
Morgan Stanley analyst Stephen Byrd maintains DTE Energy (NYSE:DTE) with a Equal-Weight and lowers the price target from $125 to $122.
