NEW YORK (TheStreet) -- Shares of Check Point Software Technologies Ltd. (CHKP) are gaining by 2.09% to $66.12 in mid-morning trading on Wednesday after the company reported an increase in net income to $160 million, or 83 cents per diluted share, for the 2014 second quarter, compared to $151 million, or 76 cents, for the year ago quarter.
The company, which develops technologies to communications and transactions over the Internet by enterprises and consumers, said its non-GAAP net income was up to $172 million, or 89 cents per diluted share for the most recent quarter, from $165 million, or 83 cents per diluted share for the 2013 second quarter.
Check Point's total revenues rose to $363 million for the 2014 second quarter, compared to $340 million for the same period last year.
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Separately, TheStreet Ratings team rates CHECK POINT SOFTWARE TECHN as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CHECK POINT SOFTWARE TECHN (CHKP) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, increase in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows weak operating cash flow."