On Wednesday, TD Cowen maintained a positive outlook on Checkpoint Software (NASDAQ:CHKP), increasing the firm's price target on the company's shares to $215 from the previous $205, while retaining a Buy rating. This adjustment follows Checkpoint's announcement of robust financial performance for the second quarter of 2024.
Checkpoint Software reported a 7% year-over-year increase in revenue for the second quarter, with a notable 14% growth in security subscription revenue. The company's Infinity and Harmony product lines contributed significantly to this performance, with Infinity achieving double-digit growth. Additionally, Checkpoint secured three major contracts with Fortune Global 500 companies, resulting in over $130 million in bookings.
The company also announced a leadership change, naming Nadav Zafrir as the new CEO, with his tenure set to begin in December 2024. Zafrir is recognized as an industry veteran, and his appointment is anticipated to start at the end of the year.
The analyst from TD Cowen highlighted the solid quarterly results and the strategic deals as key drivers for the raised price target. The endorsement of Checkpoint's growth trajectory and leadership transition underscores the analyst's confidence in the company's future prospects. The new price target of $215 reflects an optimistic view of Checkpoint Software's market position and its potential for continued financial success.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.