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Check Point (CHKP) Aids Cybersecurity for OMNIQ's Customers

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Check Point Software Technologies CHKP recently partnered with OMNIQ Corporation to offer its ZoneAlarm security software in collaboration with OMNIQ’s suite of supply-chain mobility solutions.

The integration of ZoneAlarm cybersecurity solution with OMNIQ’s solutions will enhance security for the latter’s supply-chain customers by providing additional data protection against cyberattacks. Further, a robust antivirus and firewall along with anti-ransomware and anti-phishing capabilities, and multi-device compatibility for Android and iOS devices will ensure user safety.

Moreover, the cybersecurity solutions provider stands to benefit from OMNIQ’s strong customer base, which includes government agencies and multi-industry Fortune 500 companies.

A Rise in Cybersecurity threats Drives Prospects

Check Point’s shares have gained 21.7% year to date compared with the Zacks Security industry’s growth of 36.7%.

Accelerating cybersecurity threats across enterprises due to the ongoing wave of digital transformation amid the coronavirus crisis have bolstered demand for Check Point’s subscription-based cybersecurity solutions.

Moreover, the pandemic-induced work-from-home environment has highlighted the need for robust remote working cloud solutions. Check Point’s solutions, such as Mobile Access and Sandblast Agent, have gained significant momentum among enterprises to facilitate the smooth and secure running of business operations remotely.

Notably, in the third quarter of fiscal 2020, the company’s subscription revenues grew 10% year over year to $169 million, primarily driven by the robust adoption of Quantum Network Gateways, CloudGuard, Sandblast Zero-day threat prevention and Infinity solutions.

A Strong Security Portfolio to Aid Growth

Check Point has announced several product enhancements and launched new solutions in the past few quarters to expand the bandwidth of its security portfolio.

In November, the company unveiled Check Point R81, a unified cybersecurity platform, which provides autonomous threat prevention across enterprises, enabling them to efficiently manage complex network environments. Further, it reduces policy installation time by 90%, which enables users to respond to changing security needs quickly.

Moreover, the company acquired Odo Security, a new technology, which delivers cloud-based secure remote access to users. The technology is integrated with Check Point’s Infinity architecture threat prevention capabilities, to drive the expansion of its Secure Access Service Edge (SASE) solution.

Additionally, increasing customer acceptance of its Infinity solutions, especially Infinity Total Protection, which is reflected by rising customer wins, is a key positive. Moreover, the company’s Beyond the Perimeter (BTP) business, which provides advanced threat prevention with endpoint computer and mobile security solutions, has gained massive traction, thereby aiding the top line in the near term.

Zacks Rank & Stocks to Consider

Check Point currently carries a Zacks Rank #3 (Hold).

Other better-ranked stocks in the broader technology sector are CrowdStrike Holdings CRWD, Dell Technologies DELL and Arrow Electronics ARW. All three stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Long-term earnings growth rate for CrowdStrike, Dell and Arrow Electronics is currently pegged at 25%, 12% and 9.8%, respectively.

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