Zacks Investment Research Upgrades Citrix Systems Inc. (CTXS) to Buy
Citrix Systems Inc. (NASDAQ:CTXS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The brokerage currently has a $96.00 target price on the cloud computing company’s stock. Zacks Investment Research’s price objective would suggest a potential upside of 11.56% from the stock’s previous close.
According to Zacks, “Citrix’s third quarter results impressed as both earnings and revenues surpassed estimates. The company witnessed an improvement in revenues across key segments such as License updates and maintenance and Software-as-a-Service (SaaS). The company’s revenues increased in Americas and Asia Pacific. However revenues in the EMEA region declined. Citrix continues to expand its product offering through rapid innovation. The company is expected to benefit from its product diversification and operations across Desktop Virtualization and Cloud Infrastructure segments. We are positive on the proposed merger between LogMeIn and Citrix's GoTo business. Foreign exchange issues, however, remain a concern as Citrix forays into non-U.S. markets. We are, however, impressed with Citrix raising its earnings per share guidance (adjusted basis) for 2016 to a band of $5.18–$5.20 from $5.00–$5.10.”
Several other analysts have also commented on CTXS. William Blair restated a “market perform” rating on shares of Citrix Systems in a report on Wednesday, July 20th. Mizuho raised their price objective on shares of Citrix Systems from $80.00 to $90.00 and gave the stock a “neutral” rating in a report on Thursday, July 21st. Stifel Nicolaus lowered shares of Citrix Systems from a “buy” rating to a “hold” rating in a report on Wednesday, July 27th. They noted that the move was a valuation call. BTIG Research reaffirmed a “neutral” rating on shares of Citrix Systems in a research note on Wednesday, July 27th. Finally, Morgan Stanley raised their target price on shares of Citrix Systems from $70.00 to $77.00 and gave the company an “underweight” rating in a research note on Wednesday, July 27th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eleven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $88.22.
Citrix Systems (NASDAQ:CTXS) opened at 86.05 on Monday. The firm’s 50-day moving average price is $84.72 and its 200 day moving average price is $84.73. Citrix Systems has a one year low of $60.91 and a one year high of $90.00. The firm has a market capitalization of $13.42 billion, a P/E ratio of 28.77 and a beta of 1.66.
Citrix Systems (NASDAQ:CTXS) last issued its quarterly earnings data on Wednesday, October 19th. The cloud computing company reported $1.32 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.13. Citrix Systems had a net margin of 13.69% and a return on equity of 32.90%. The business earned $841.30 million during the quarter, compared to analyst estimates of $827.21 million. During the same period last year, the business posted $1.04 earnings per share. Citrix Systems’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, equities analysts anticipate that Citrix Systems will post $5.20 earnings per share for the current fiscal year.
In other Citrix Systems news, SVP Christopher Hylen sold 2,250 shares of Citrix Systems stock in a transaction on Tuesday, October 25th. The shares were sold at an average price of $84.82, for a total value of $190,845.00. Following the sale, the senior vice president now directly owns 37,657 shares in the company, valued at approximately $3,194,066.74. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO David J. Henshall sold 300 shares of Citrix Systems stock in a transaction on Thursday, November 10th. The shares were sold at an average price of $87.50, for a total transaction of $26,250.00. Following the completion of the sale, the chief financial officer now owns 206,481 shares in the company, valued at $18,067,087.50. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in CTXS. Wellington Management Group LLP increased its stake in Citrix Systems by 516.0% in the first quarter. Wellington Management Group LLP now owns 148,678 shares of the cloud computing company’s stock worth $11,684,000 after buying an additional 124,543 shares during the period. Renaissance Technologies LLC acquired a new stake in Citrix Systems during the first quarter worth $16,367,000. AMP Capital Investors Ltd increased its stake in Citrix Systems by 9.8% in the first quarter. AMP Capital Investors Ltd now owns 150,712 shares of the cloud computing company’s stock worth $11,725,000 after buying an additional 13,471 shares during the period. National Pension Service increased its stake in Citrix Systems by 4.6% in the first quarter. National Pension Service now owns 110,567 shares of the cloud computing company’s stock worth $8,688,000 after buying an additional 4,883 shares during the period. Finally, Envestnet Asset Management Inc. increased its stake in Citrix Systems by 39.6% in the first quarter. Envestnet Asset Management Inc. now owns 53,498 shares of the cloud computing company’s stock worth $4,204,000 after buying an additional 15,178 shares during the period. Institutional investors own 97.30% of the company’s stock.
About Citrix Systems
Citrix Systems, Inc develops and sells products and services that enable delivery of applications and data over public, private or hybrid clouds or networks, to virtually any type of device. The Company operates through two segments: Enterprise and Service Provider, and Mobility Apps. The Company’s Enterprise and Service Provider segment consists of Workspace Services and Delivery Networking products.
Receive News & Stock Ratings for Citrix Systems Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Citrix Systems Inc. and related stocks with our FREE daily email newsletter.