Check Point Software Technologies Ltd. had its longest stretch of daily gains since 2010 on prospects demand from governments for more advanced cybersecurity will fuel profit growth for the Israeli company.
Israeli technology companies, the worst performers among the nation’s U.S.-listed stocks this year, are poised to post the slowest sales growth since 2009 as Europe’s recession cuts spending on phones to computers.
Check Point Software Technologies Ltd., whose drop in third-quarter billings spurred the biggest stock plunge in nine years, will seek to increase revenue as more cyber threats loom, Chief Financial Officer Tal Payne said.
Check Point Software Technologies Ltd. slid the most in a month as RBC Capital Markets cut its price target for the world’s second largest network security maker by 18 percent amid increased competition.
Options traders are the most bearish in seven years on Check Point Software Technologies Ltd. shares as concern deepens that a new competitor will reduce its dominance as the world’s second-largest security networks maker.
Check Point Software Technologies Ltd.’s best start to a year since 2004 may falter as Internet attacks on companies spur Dell Inc. and Cisco Systems Inc. to bolster their presence in the network security market.