One year after becoming a party at interest in Check Point Software Technologies Ltd. (Nasdaq: CHKP), Swiss bank Credit Suisse Group AG (NYSE: CS; SWX: CSGN; XETRA: CSGZ) has sold almost all its holdings in the Israeli company. According to a filing with the US Securities and Exchange Commission (SEC), Credit Suisse held just 455,000 Check Point shares at the end of 2012, a 0.22% equity holding. At the end of 2011, Credit Suisse held 11 million shares, or a 5.4% stake. Credit Suisse's current holding in Check Point is worth $23.4 million.
Check Point, founded by CEO Gil Shwed, provides Internet security solutions, and has a market cap of $10.3 billion.
It can be assumed that Credit Suisse did not profit from its stake in Check Point because during 2012 the share price lost 9% of its value, although the SEC reports did not provide precise details about the timing of the purchase and sale of the shares.
Published by Globes [online], Israel business news - www.globes-online.com - on February 17, 2013
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