12:54 PM EDT, 10/29/2024 (MT Newswires) -- Check Point Software Technologies' ( CHKP ) "mixed" Q3 results missed bullish investors' expectations, with the top-line meeting the Street view while the bottom-line exceeded forecasts, Wedbush Securities said in a Tuesday note.

The company reported Q3 adjusted earnings of $2.25 per diluted share, up from $2.07 a year earlier, as revenue increased to $635.1 million from $596.3 million.

According to Wedbush, Check Point said certain deals were pushed into Q4 despite the company portfolio's strength, with Q3 billings of $561.7 million missing the Street's $574.3 million forecast.

The company also continues to navigate macro headwinds and weakness in certain markets, while remaining aggressive on acquisitions and investments, the investment firm added.

"We view this as a transitional quarter and remain firmly bullish on the name into year-end and 2025 with no worries about this print," Wedbush said.

Wedbush reiterated its outperform rating and $230 price target on Check Point Software Technologies ( CHKP ).

Check Point shares were down by nearly 13% in recent Tuesday trading.

Price: 181.67, Change: -26.30, Percent Change: -12.64