Check Point Software TechnologiesNASDAQ: CHKP

The software portion of the larger tech industry has recently experienced a sharp upward swing. A benchmark ETF, the iShares Expanded Tech-Software Sector ETF BATS: IGV, has climbed by nearly 38% in the last year, with more than a quarter of that increase in the month from mid-October to mid-November.

Shares of Check Point Software Technologies (CHKP) are sliding despite the cybersecurity provider reporting third quarter revenue rising 7% year over year. Check Point CEO Gil Shwed joins Catalysts to discuss the earnings results and break down the market reaction.

CHKP's third-quarter 2024 results reflect benefits from the strong demand for the Infinity platform.

I maintain a buy rating on Check Point Software (CHKP) due to strong product revenue growth and healthy demand. CHKP's 3Q24 results showed 6.5% y/y revenue growth, aligning with expectations, driven by solid performance in products, subscriptions, and maintenance. The billings miss is attributed to deal slippages, not demand deterioration.

Could Check Point be undervalued today? Here's how the cybersecurity expert hit every third-quarter target and still suffered a share price correction.

Check Point Software Technologies Ltd. (NASDAQ:CHKP ) Q3 2024 Earnings Conference Call October 29, 2024 8:30 AM ET Company Participants Kip Meintzer – Head-Global Investor Relations Roei Golan – Chief Financial Officer Gil Shwed – Founder and Chief Executive Officer Conference Call Participants Shaul Eyal – TD Cowen Adam Tindle – Raymond James Tal Liani – BofA Merrill Lynch Joseph Gallo – Jefferies Brad Zelnick – Deutsche Bank Rob Owens – Piper Sandler Roger Boyd – UBS Investment Bank Hamza Fodderwala – Morgan Stanley Shyam Patil – Susquehanna Financial Group Gabriela Borges – Goldman Sachs Saket Kalia – Barclays Joel P.

While the top- and bottom-line numbers for Check Point (CHKP) give a sense of how the business performed in the quarter ended September 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

Check Point Software (CHKP) came out with quarterly earnings of $2.25 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $2.07 per share a year ago.

REDWOOD CITY, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) -- Check Point® Software Technologies Ltd. (NASDAQ: CHKP), today announced its financial results for the third quarter ended September 30, 2024.