Check Point Extends Stock Buyback Program
Check Point's stock price reached an all time high last month. Last quarter the company had cash reserves of $3.8 billion
Tel Aviv-based information security company Check Point Software Technologies Ltd. will extend its stock buyback program, the company announced Friday. The company will invest up to $250 million a quarter to buy its own shares, the company said.
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Check Point's cash reserves totaled $3.8 billion at the end of the second quarter. Currently trading at near record price levels, the company's stock price reached an all time high last month.
Check Point CEO Gil Shwed
The Firewall-pioneer started its buyback program in 2003, and has since then bought around 144.9 million shares for a total sum of $6.3 billion.
In recent quarters the company spent an average of $247 million a quarter on share buybacks.