NEW YORK (TheStreet) -- Shares of Check Point Software Technologies (CHKP) - Get Report were advancing in mid-morning trading on Monday after the company posted better-than-anticipated 2016 third quarter results.

Before today's market open, the Tel Aviv-based cybersecurity provider reported adjusted earnings of $1.13 per share, beating analysts' estimates of $1.08 per share.

Revenue increased 6% over last year to $427.6 million and topped Wall Street's projections of $422.8 million.

Subscription revenue for software blades, or security applications, jumped 24% year-over-year to $98.6 million.

"Customers continue to leverage the Check Point security platform and increase their adoption of our advanced security capabilities which is resulting in higher subscription revenues," CEO Gil Shwed said in a statement.

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For the fourth quarter, the company expects adjusted earnings per share between $1.20 and $1.28 on revenue in the range of $460 million to $490 million. Analysts are looking for earnings of $1.23 per share on revenue of $474 million for the period.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rated this stock as a "buy" with a ratings score of B-.

The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and growth in earnings per share. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself.

You can view the full analysis from the report here: CHKP

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