BUZZ-Cybersecurity co Check Point falls after $1.5 bln convertible deal unveiled

Reuters12-03
BUZZ-Cybersecurity co Check Point falls after $1.5 bln convertible deal unveiled

** Shares of Check Point Software Technologies CHKP.O down 3.4% in extended trading to $180.89 as co seeks capital raise

** Israeli cybersecurity solutions provider announces private offering of $1.5 bln 0% 5-yr convertible bonds

** Co intends to use portion of net proceeds to pay the cost of capped call transactions, and repurchase its shares in an amount up to $225 mln

** It plans to use remainder of proceeds for general purposes, including additional share repurchases, potential M&A, business and new products development

** CHKP has about $20 bln market cap, per LSEG data

** CHKP stock on Tues edged up 0.1% to close at $187.25, up 0.3% YTD

** 15 of 38 analysts rate the stock "strong buy" or "buy", 23 have "hold" ratings; median PT is $225 - LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment