(Updates with stock price move in headline and first paragraph, full-year revenue guidance and analyst downgrade in the sixth and seventh paragraphs.)

Check Point Software Technologies (CHKP) shares were down more than 19% in Thursday afternoon trading after the company cut its full-year revenue outlook and Piper Sandler downgraded the stock.

The company reported Q1 non-GAAP earnings Thursday of $2.50 per diluted share, up from $2.21 a year earlier.

Analysts polled by FactSet expected $2.40.

Revenue for the quarter ended March 31 was $668.4 million, up from $637.8 million a year earlier.

Analysts surveyed by FactSet expected $672.7 million.

The company lowered its 2026 revenue forecast to between $2.77 billion and $2.85 billion from $2.83 billion to $2.95 billion. Analysts expected $2.88 billion.

Piper Sandler downgraded the stock to neutral from overweight.

Price: 112.94, Change: -27.02, Percent Change: -19.31