BUZZ-Cybersecurity co Check Point stabilizes after increased $1.75 bln convertible bond sale
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Check Point Software Technologiesstabilized at $191 premarket after raising $1.75 billion through a 0% 5-year convertible bond sale. The initial conversion price is $243.65, a 27.5% premium to the last close. The company plans to use the proceeds for capped call transactions, share repurchases, potential M&A, and new product development. CHKP shares rose 2.1% after falling 3.5% on Wednesday. The stock is up 2% YTD. 14 of 37 analysts rate it as 'strong buy' or 'buy', with a median price target of $225.
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