Cybersecurity services provider Check Point Software Technologies Ltd. (CHKP) has announced the expansion of its multi-cloud support system by combining Check Point CloudGuard with Alibaba Cloud, an arm of the Alibaba Group that offers integrated suite of cloud products and services to businesses.
Following the news release, shares of the company appreciated marginally to close at $117.41 in Wednesday’s trading session.
Through this integration, customers of Alibaba Cloud are expected to have enhanced security abilities, gain access to their whole cloud infrastructure and tackle compliance issues effectively.
The Vice-President of Product Management and Product Marketing at Check Point, Itai Greenberg, said, “Check Point CloudGuard offers enterprises unified and automated cloud native security across multi-cloud environments. As more enterprises move to the cloud, many are looking for the best solutions to manage their security and compliance posture across their entire cloud infrastructure. Our support of Alibaba Cloud will enable them to receive advanced security and visibility while maintaining continuous compliance.” (See Check Point stock chart on TipRanks)
Recently, BTIG analyst Gray Powell reiterated a Buy rating on the stock with a price target of $153. Powell’s price target implies upside potential of 30.3% from current levels.
The stock has a Hold consensus rating based on 2 Buys and 8 Holds. The average Check Point price target of $133.63 implies upside potential of 13.8% from current levels.
Check Point scores an 8 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock is likely to outperform the market averages. Shares have gained 1.3% over the past year.
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