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Check Point Software Technologies Stock Takes Big Hit

Check Point Software Technologies Ltd. (NASDAQ:CHKP) stock was falling hard today on its guidance for the fourth quarter of the year.

During its conference call for the third quarter of 2017, Check Point Software Technologies Ltd. provided an update to its guidance. The company is expecting fourth quarter revenue to come in between $485 million to $525 million. However, Wall Street’s revenue estimate of $530.09 million for the quarter is bad news for CHKP stock.

Check Point Software Technologies Ltd. also says that it expects earnings per share for the fourth quarter to range from $1.45 to $1.55. This isn’t a blow to CHKP stock as it covers analysts’ earnings per share estimate of $1.49 for that period.

It’s really the Check Point Software Technologies Ltd. revenue guidance for the fourth quarter of the year that is damaging CHKP stock today. The rest of the company’s earnings report for the third quarter of the year was good news.

The positives to Check Point Software Technologies Ltd.’s earnings report for the third quarter includes earnings per share of $1.30 on revenue of $454.63 million. Wall Street was looking for earnings per share of $1.24 on revenue of $449.19 million during the quarter.

“During the quarter we continued to extend the reach of the Infinity platform and elevated the level of security we provide with anti-ransomware technology, cloud security for Azure stack, and the integration of the Microsoft Intune mobile management with our SandBlast mobile security,” Gil Shwed, founder and CEO of Check Point Software Technologies Ltd., said in a statement.

CHKP stock was down 12% as of Wednesday afternoon, but is up 22% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2017/11/chkp-stock-was-hit-hard-today/.

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