Intrinsic value of Check Point Software Technologies - CHKP

Previous Close

$114.94

  Intrinsic Value

$61.78

stock screener

  Rating & Target

sell

-46%

Previous close

$114.94

 
Intrinsic value

$61.78

 
Up/down potential

-46%

 
Rating

sell

We calculate the intrinsic value of CHKP stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 20.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
Revenue, $m
  1,859
  1,982
  2,111
  2,244
  2,382
  2,527
  2,677
  2,834
  2,998
  3,169
  3,347
  3,533
  3,728
  3,931
  4,144
  4,367
  4,600
  4,843
  5,099
  5,366
  5,646
  5,940
  6,247
  6,569
  6,907
  7,262
  7,633
  8,023
  8,431
  8,860
Variable operating expenses, $m
  896
  950
  1,006
  1,064
  1,125
  1,188
  1,254
  1,322
  1,394
  1,468
  1,463
  1,544
  1,629
  1,718
  1,811
  1,909
  2,011
  2,117
  2,229
  2,345
  2,468
  2,596
  2,731
  2,871
  3,019
  3,174
  3,336
  3,507
  3,685
  3,873
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  896
  950
  1,006
  1,064
  1,125
  1,188
  1,254
  1,322
  1,394
  1,468
  1,463
  1,544
  1,629
  1,718
  1,811
  1,909
  2,011
  2,117
  2,229
  2,345
  2,468
  2,596
  2,731
  2,871
  3,019
  3,174
  3,336
  3,507
  3,685
  3,873
Operating income, $m
  963
  1,033
  1,105
  1,180
  1,258
  1,339
  1,424
  1,512
  1,604
  1,700
  1,884
  1,989
  2,098
  2,213
  2,333
  2,458
  2,589
  2,726
  2,870
  3,021
  3,178
  3,343
  3,516
  3,698
  3,888
  4,088
  4,297
  4,516
  4,746
  4,987
EBITDA, $m
  1,142
  1,217
  1,296
  1,378
  1,463
  1,552
  1,644
  1,741
  1,841
  1,946
  2,055
  2,170
  2,289
  2,414
  2,545
  2,682
  2,825
  2,974
  3,131
  3,295
  3,467
  3,647
  3,836
  4,034
  4,242
  4,459
  4,687
  4,927
  5,178
  5,441
Interest expense (income), $m
  0
  0
  6
  13
  20
  27
  34
  42
  50
  58
  67
  76
  86
  96
  106
  117
  129
  141
  153
  166
  180
  194
  209
  225
  241
  258
  277
  296
  315
  336
  358
Earnings before tax, $m
  963
  1,026
  1,092
  1,160
  1,231
  1,305
  1,382
  1,462
  1,546
  1,633
  1,808
  1,903
  2,003
  2,107
  2,216
  2,329
  2,449
  2,573
  2,704
  2,841
  2,984
  3,134
  3,292
  3,457
  3,630
  3,811
  4,001
  4,201
  4,410
  4,629
Tax expense, $m
  260
  277
  295
  313
  332
  352
  373
  395
  417
  441
  488
  514
  541
  569
  598
  629
  661
  695
  730
  767
  806
  846
  889
  933
  980
  1,029
  1,080
  1,134
  1,191
  1,250
Net income, $m
  703
  749
  797
  847
  898
  952
  1,009
  1,067
  1,128
  1,192
  1,320
  1,389
  1,462
  1,538
  1,617
  1,700
  1,788
  1,879
  1,974
  2,074
  2,178
  2,288
  2,403
  2,523
  2,650
  2,782
  2,921
  3,066
  3,219
  3,379

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  5,343
  5,697
  6,065
  6,447
  6,846
  7,261
  7,694
  8,145
  8,615
  9,106
  9,618
  10,153
  10,713
  11,297
  11,909
  12,548
  13,217
  13,918
  14,652
  15,420
  16,224
  17,068
  17,951
  18,877
  19,848
  20,867
  21,934
  23,054
  24,228
  25,460
Adjusted assets (=assets-cash), $m
  5,343
  5,697
  6,065
  6,447
  6,846
  7,261
  7,694
  8,145
  8,615
  9,106
  9,618
  10,153
  10,713
  11,297
  11,909
  12,548
  13,217
  13,918
  14,652
  15,420
  16,224
  17,068
  17,951
  18,877
  19,848
  20,867
  21,934
  23,054
  24,228
  25,460
Revenue / Adjusted assets
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
Average production assets, $m
  952
  1,015
  1,081
  1,149
  1,220
  1,294
  1,371
  1,451
  1,535
  1,622
  1,714
  1,809
  1,909
  2,013
  2,122
  2,236
  2,355
  2,480
  2,611
  2,747
  2,891
  3,041
  3,198
  3,364
  3,537
  3,718
  3,908
  4,108
  4,317
  4,536
Working capital, $m
  -20
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -93
  -97
Total debt, $m
  117
  239
  366
  498
  635
  778
  928
  1,083
  1,245
  1,415
  1,592
  1,776
  1,969
  2,171
  2,382
  2,602
  2,833
  3,075
  3,328
  3,593
  3,871
  4,162
  4,467
  4,786
  5,121
  5,472
  5,841
  6,227
  6,632
  7,057
Total liabilities, $m
  1,843
  1,965
  2,092
  2,224
  2,362
  2,505
  2,654
  2,810
  2,972
  3,141
  3,318
  3,503
  3,696
  3,898
  4,108
  4,329
  4,560
  4,802
  5,055
  5,320
  5,597
  5,888
  6,193
  6,513
  6,848
  7,199
  7,567
  7,954
  8,359
  8,784
Total equity, $m
  3,500
  3,731
  3,972
  4,223
  4,484
  4,756
  5,039
  5,335
  5,643
  5,964
  6,300
  6,650
  7,017
  7,400
  7,800
  8,219
  8,657
  9,116
  9,597
  10,100
  10,627
  11,179
  11,758
  12,365
  13,001
  13,668
  14,367
  15,100
  15,869
  16,676
Total liabilities and equity, $m
  5,343
  5,696
  6,064
  6,447
  6,846
  7,261
  7,693
  8,145
  8,615
  9,105
  9,618
  10,153
  10,713
  11,298
  11,908
  12,548
  13,217
  13,918
  14,652
  15,420
  16,224
  17,067
  17,951
  18,878
  19,849
  20,867
  21,934
  23,054
  24,228
  25,460
Debt-to-equity ratio
  0.030
  0.060
  0.090
  0.120
  0.140
  0.160
  0.180
  0.200
  0.220
  0.240
  0.250
  0.270
  0.280
  0.290
  0.310
  0.320
  0.330
  0.340
  0.350
  0.360
  0.360
  0.370
  0.380
  0.390
  0.390
  0.400
  0.410
  0.410
  0.420
  0.420
Adjusted equity ratio
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  703
  749
  797
  847
  898
  952
  1,009
  1,067
  1,128
  1,192
  1,320
  1,389
  1,462
  1,538
  1,617
  1,700
  1,788
  1,879
  1,974
  2,074
  2,178
  2,288
  2,403
  2,523
  2,650
  2,782
  2,921
  3,066
  3,219
  3,379
Depreciation, amort., depletion, $m
  179
  185
  191
  198
  205
  213
  220
  229
  237
  246
  171
  181
  191
  201
  212
  224
  236
  248
  261
  275
  289
  304
  320
  336
  354
  372
  391
  411
  432
  454
Funds from operations, $m
  882
  934
  988
  1,045
  1,104
  1,165
  1,229
  1,296
  1,365
  1,438
  1,491
  1,570
  1,653
  1,739
  1,830
  1,924
  2,023
  2,127
  2,235
  2,349
  2,468
  2,592
  2,723
  2,860
  3,003
  3,154
  3,312
  3,477
  3,651
  3,833
Change in working capital, $m
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
Cash from operations, $m
  883
  935
  990
  1,046
  1,105
  1,167
  1,231
  1,297
  1,367
  1,440
  1,493
  1,572
  1,655
  1,741
  1,832
  1,927
  2,026
  2,129
  2,238
  2,352
  2,471
  2,595
  2,726
  2,863
  3,007
  3,158
  3,316
  3,481
  3,655
  3,838
Maintenance CAPEX, $m
  -89
  -95
  -102
  -108
  -115
  -122
  -129
  -137
  -145
  -153
  -162
  -171
  -181
  -191
  -201
  -212
  -224
  -236
  -248
  -261
  -275
  -289
  -304
  -320
  -336
  -354
  -372
  -391
  -411
  -432
New CAPEX, $m
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -100
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -143
  -150
  -157
  -165
  -173
  -181
  -190
  -199
  -209
  -220
Cash from investing activities, $m
  -150
  -158
  -168
  -176
  -186
  -196
  -206
  -217
  -229
  -240
  -253
  -266
  -281
  -295
  -310
  -326
  -343
  -361
  -379
  -398
  -418
  -439
  -461
  -485
  -509
  -535
  -562
  -590
  -620
  -652
Free cash flow, $m
  733
  777
  823
  870
  919
  971
  1,024
  1,080
  1,138
  1,199
  1,239
  1,305
  1,374
  1,446
  1,522
  1,600
  1,683
  1,769
  1,859
  1,954
  2,052
  2,156
  2,265
  2,378
  2,498
  2,623
  2,754
  2,891
  3,035
  3,187
Issuance/(repayment) of debt, $m
  117
  122
  127
  132
  137
  143
  149
  156
  162
  169
  177
  185
  193
  202
  211
  221
  231
  242
  253
  265
  278
  291
  305
  320
  335
  351
  368
  386
  405
  425
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  117
  122
  127
  132
  137
  143
  149
  156
  162
  169
  177
  185
  193
  202
  211
  221
  231
  242
  253
  265
  278
  291
  305
  320
  335
  351
  368
  386
  405
  425
Total cash flow (excl. dividends), $m
  850
  899
  950
  1,002
  1,057
  1,114
  1,174
  1,236
  1,300
  1,368
  1,416
  1,490
  1,567
  1,648
  1,733
  1,821
  1,914
  2,011
  2,112
  2,219
  2,330
  2,447
  2,570
  2,698
  2,833
  2,974
  3,122
  3,277
  3,441
  3,612
Retained Cash Flow (-), $m
  -216
  -232
  -241
  -251
  -261
  -272
  -283
  -295
  -308
  -321
  -336
  -351
  -366
  -383
  -400
  -419
  -438
  -459
  -480
  -503
  -527
  -552
  -579
  -607
  -636
  -667
  -699
  -733
  -769
  -807
Prev. year cash balance distribution, $m
  207
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  66
  71
  75
  80
  85
  91
  96
  102
  108
  114
  120
  127
  134
  142
  149
  157
  166
  175
  184
  194
  204
  215
  226
  237
  250
  262
  276
  290
  305
  320
Cash available for distribution, $m
  841
  668
  709
  751
  796
  842
  890
  940
  992
  1,047
  1,081
  1,139
  1,201
  1,265
  1,332
  1,402
  1,475
  1,552
  1,632
  1,715
  1,803
  1,895
  1,991
  2,091
  2,197
  2,307
  2,423
  2,544
  2,671
  2,805
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  807
  611
  617
  619
  617
  611
  601
  588
  570
  549
  513
  486
  457
  425
  391
  356
  321
  286
  251
  218
  186
  157
  130
  107
  85
  67
  52
  39
  29
  21
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Check Point Software Technologies Ltd. (Check point) develops, markets and supports a range of products and services for information technology (IT) security. The Company's products and services are sold to enterprises, service providers, small and medium sized businesses and consumers. It offers enterprises a platform to deploy independent, modular and interoperable security applications (Software Blades), such as firewall, virtual private network (VPN), intrusion prevention system (IPS), Application Control, Anti-Bot, antivirus, data loss prevention (DLP), policy management, event analysis or multi-domain management. The Company offers Software Blades grouped into functional packages to address specific security issues. It has product offerings under these packages, which include Next Generation Firewall, Next Generation Threat Prevention, Next Generation Secure Web Gateway and Next Generation Data Protection.

FINANCIAL RATIOS  of  Check Point Software Technologies (CHKP)

Valuation Ratios
P/E Ratio 26.3
Price to Sales 11
Price to Book 5.5
Price to Tangible Book
Price to Cash Flow 20.2
Price to Free Cash Flow 20.7
Growth Rates
Sales Growth Rate 6.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 41.2%
Cap. Spend. - 3 Yr. Gr. Rate 19.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 14.1%
Ret/ On Assets - 3 Yr. Avg. 13.7%
Return On Total Capital 20.6%
Ret/ On T. Cap. - 3 Yr. Avg. 19.3%
Return On Equity 20.6%
Return On Equity - 3 Yr. Avg. 19.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 88.4%
Gross Margin - 3 Yr. Avg. 88.3%
EBITDA Margin 52.4%
EBITDA Margin - 3 Yr. Avg. 54.4%
Operating Margin 48.9%
Oper. Margin - 3 Yr. Avg. 51.3%
Pre-Tax Margin 51.5%
Pre-Tax Margin - 3 Yr. Avg. 53.5%
Net Profit Margin 41.6%
Net Profit Margin - 3 Yr. Avg. 42.6%
Effective Tax Rate 19.2%
Eff/ Tax Rate - 3 Yr. Avg. 20.4%
Payout Ratio 0%

CHKP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CHKP stock intrinsic value calculation we used $1741 million for the last fiscal year's total revenue generated by Check Point Software Technologies. The default revenue input number comes from 2016 income statement of Check Point Software Technologies. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CHKP stock valuation model: a) initial revenue growth rate of 6.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CHKP is calculated based on our internal credit rating of Check Point Software Technologies, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Check Point Software Technologies.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CHKP stock the variable cost ratio is equal to 48.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CHKP stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Check Point Software Technologies.

Corporate tax rate of 27% is the nominal tax rate for Check Point Software Technologies. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CHKP stock is equal to 3.8%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CHKP are equal to 51.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Check Point Software Technologies operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CHKP is equal to -1.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3491 million for Check Point Software Technologies - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 175 million for Check Point Software Technologies is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Check Point Software Technologies at the current share price and the inputted number of shares is $20.1 billion.

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COMPANY NEWS

▶ 3 Cybersecurity Stocks to Add to Your Buy List   [Aug-06-18 10:28AM  InvestorPlace]
▶ Check Point: 2Q Earnings Snapshot   [05:11AM  Associated Press]
▶ Check Point CEO on Safeguarding the Midterm Elections   [Jul-11-18 06:37PM  Bloomberg Video]
▶ Check Point stock gains after BTIG upgrade   [Jul-10-18 10:53AM  MarketWatch]
▶ Check Out Check Point   [Jul-06-18 07:00AM  Morningstar]
▶ Check Point CEO: Fighting fifth-generation cyber attacks   [May-18-18 07:18AM  CNBC Videos]
▶ Is Symantec a Broken Company or a Broken Stock?   [May-17-18 07:45PM  Motley Fool]
▶ Check Point Software's Fifth-Generation Challenge   [May-03-18 02:45PM  Motley Fool]
▶ Check Point Guidance Disappoints, Cybersecurity Stocks Slip   [Apr-25-18 04:49PM  Investor's Business Daily]
▶ Check Point: 1Q Earnings Snapshot   [05:21AM  Associated Press]
▶ Edited Transcript of CHKP presentation 6-Mar-17 3:25pm GMT   [Apr-10-18 11:00AM  Thomson Reuters StreetEvents]
▶ Fortinet Price Target Hiked As Sector Credited With 'Staying Power'   [Mar-21-18 04:15PM  Investor's Business Daily]
▶ Time to Sell Maxed-Out Palo Alto Networks Inc Stock   [Mar-16-18 02:54PM  InvestorPlace]
▶ [$$] Thinking Zbig: Americas grand strategist   [Mar-15-18 01:00AM  Financial Times]
▶ 5 Tech Trades Could Rally in March: Must-See Charts   [Mar-01-18 01:59PM  TheStreet.com]
▶ Is This the Best Cybersecurity Stock?   [Feb-26-18 11:04PM  Motley Fool]
▶ [$$] MUFG Sees Lots More Cloud Opportunities for Oracle   [Feb-17-18 12:01AM  Barrons.com]
▶ Should You Avoid Check Point After Its Latest Report?   [Feb-16-18 07:44PM  Motley Fool]
▶ 3 Firewall Stocks to Consider Buying   [Feb-05-18 09:48AM  Motley Fool]
▶ How to Invest in Israel's Top Cybersecurity Stocks   [Jan-26-18 05:46PM  Motley Fool]
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