Check Point Extends Stock Buyback Program

Tel Aviv-based information security company Check Point Software Technologies Ltd. will extend its stock buyback program, the company announced Friday. The company will invest up to $250 million a quarter to buy its own shares, the company said.

Check Point's cash reserves totaled $3.8 billion at the end of the second quarter. Currently trading at near record price levels, the company's stock price reached an all time high last month.

The Firewall-pioneer started its buyback program in 2003, and has since then bought around 144.9 million shares for a total sum of $6.3 billion.

In recent quarters the company spent an average of $247 million a quarter on share buybacks.