Check Point Software Technologies, a network cyber security vendor globally, said early Friday that it has authorized an extension to its on-going share repurchase program. Under the updated plan, effective immediately, Check Point is authorized to continue to buy back up to $250 million of ordinary shares each quarter, up to $1 billion. From April 1, 2016 through June 30, 2017, Check Point bought back 14 million shares for an aggregate purchase price of approximately $1.2 billion, which represented an average repurchase per quarter of $247.3 million.
As of June 30, Check Point has 162.8 million ordinary shares outstanding. Check Point began its share repurchase program in 2003, and since then has repurchased 144.9 million shares for a total purchase price of $6.3 billion. The updated plan extends the previous repurchase plan adopted in May 2016, which provided for the repurchase of up to $250 million shares each quarter, up to an aggregate of $1.5 billion.