Check Point becomes Israel’s most valuable company

Wall Street investors responded positively to the appointment of Nadav Zafrir as the new CEO of Check Point Software Technologies Co., Ltd. (NASDAQ: CHKP), where the stock is currently up more than 5%, making the cybersecurity company the most valuable company in Israel with a market cap of $19.8 billion — a record for the company. Earlier in trading, the stock opened up 7%, with a market cap exceeding $20 billion.

Check Point, a cybersecurity solutions company, is led by co-founder and CEO Gil Schwed, who is stepping down and becoming president when Zafrier takes over in December.

for several years Teva Pharmaceutical Industries Co., Ltd. (New York Stock Exchange: Tifa; level: Tifa) was easily the most valuable company in Israel but after financial problems caused by heavy debt, the company lost much of its value in 2017 – although it has recently recovered and currently has a market cap of $19 billion.

Other companies have surpassed Teva’s market value in recent years and become the most valuable company in Israel, including Check Point itself, and the website building platform company Wix.com Limited (NASDAQ: Wix), Solar Energy Company Solar Edge Technologies (NASDAQ: SEDG) and even the fintech company Bagaya Techniques (NASDAQ:PGY), which briefly surged after its merger with a SPAC.

Since December 2022, Advanced Driving Assistance Systems (ADAS) has become the most valuable company in Israel. Mobily International Company (NASDAQ: MBLY). However, the stock price has fallen sharply in recent days and the company’s market cap is currently $18 billion, although the gap in value between Check Point, Teva and Mobileye is not very large.