NEW YORK (TheStreet) -- Intel (INTC) shares are down 0.55% to $37.04 in trading on Monday after the international integrated digital technology company announced that it purchased privately held PasswordBox for an undisclosed amount today.
The move is designed to bolster the company's digital security apparatus in light of multiple high profile data breaches in both the private and public sectors, according to the Wall Street Journal.
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The company, which will become part of Intel's Intel Security branch, allows users to store log-in credentials while also allowing them to create secure passwords without having to remember them.
Montreal, Canada-based PasswordBox was launched in 2013.
TheStreet Ratings team rates INTEL CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate INTEL CORP (INTC) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. 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, reasonable valuation levels and solid stock price performance. We feel these strengths outweigh the fact that the company shows weak operating cash flow."