Oppenheimer Maintains Outperform on Check Point Software Technologies

Oppenheimer is out with its report today on Check Point Software Technologies CHKP, maintaining Outperform. In a note to clients, Oppenheimer writes, "CHKP reported record 2Q11 revenue of $300.6M (up 15% YoY), ahead of our and the Street's estimate of $295M. Non-GAAP EPS of $0.68 (up 17% YoY) beat our Street high $0.67 and the Street's $0.66 estimate on better than expected revenue and operating margin (57% vs. our 56.1%). Cash generation ($175.5M from operations) was better than the Street's estimate of $162M and CHKP ended 2Q with $2.7B in cash ($12.6/share). We remain bullish on CHKP shares given strong 2Q results and expect it to provide solid forward 2H guidance given existing strong secular trends in network security and appliances." At the time of posting, shares of CHKP were trading pre-market at $57.99, up 2.49% from Friday's close.