Check Point Software Technologies Announces Extension to the Share Repurchase Program

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Check Point Software Technologies (NASDAQ:CHKP) has announced that its board of directors has authorized an extension to the company’s ongoing share repurchase program.

As quoted in the press release:

 Under the updated plan, effective immediately, Check Point is authorized to continue to repurchase up to $250 million of ordinary shares each quarter, up to an aggregate of $1 billion. From April 1, 2016 through June 30, 2017, Check Point repurchased approximately 14 million shares for an aggregate purchase price of approximately $1.2 billion, which represented an average repurchase per quarter of $247.3 million.

As of June 30, 2017, Check Point has approximately 162.8 million ordinary shares outstanding. Check Point began its share repurchase program in 2003, and since then has repurchased approximately 144.9 million shares for a total purchase price of approximately $6.3 billion. The updated plan extends the previous repurchase plan adopted in May 2016, which provided for the repurchase of up to $250 million shares each quarter, up to an aggregate of $1.5 billion.

Share purchases under the extended repurchase plan will take place in open market transactions or in privately negotiated transactions and may be made from time to time depending on market conditions, share price, trading volume, and other factors. Such purchases will be made in accordance with applicable U.S. securities laws and regulations. For all or a portion of the authorized repurchase amount, Check Point may enter into a plan that is compliant with Rule 10b5-1 of the United States Securities Exchange Act of 1934 that is designed to facilitate these purchases. The repurchase plan does not require Check Point to acquire a specific number of shares, and may be suspended from time to time or discontinued. The share repurchases will be funded from available working capital.

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