Check Point Software Technologies Increases Share Repurchase Program to $1B
Check Point® Software Technologies Ltd. (NASDAQ: CHKP) today announced that its board of directors has authorized an expansion to the on-going stock repurchase program. Under the expanded plan, Check Point is authorized to repurchase up to one billion dollars of its outstanding shares during the next two years.
As of June 30, 2012, Check Point has approximately 204.8 million shares of common stock outstanding. Check Point started its share buyback program in 2003. Since then, Check Point has purchased approximately 87.5 million shares for a total of approximately $2.2 billion.
"We believe that our market leadership and long term growth prospects make this an effective time to further utilize our cash to increase shareholder value," concluded Tal Payne, Chief Financial Officer of Check Point Software Technologies Ltd.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.