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 note issued on Tuesday. The brokerage currently has a $99.00 target price on the cloud computing company’s stock. Zacks Investment Research’s target price points to a potential upside of 12.53% from the stock’s current price.
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. Despite concern of adverse foreign exchange movement, we are, 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 research analysts have also recently weighed in on the company. Raymond James Financial Inc. restated a “market perform” rating on shares of Citrix Systems in a report on Sunday, October 23rd. Robert W. Baird reiterated an “outperform” rating and issued a $100.00 price objective (up from $95.00) on shares of Citrix Systems in a report on Saturday, October 22nd. William Blair reiterated a “market perform” rating on shares of Citrix Systems in a report on Thursday, October 20th. Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of Citrix Systems in a report on Thursday, October 20th. Finally, Cowen and Company upped their price objective on Citrix Systems from $95.00 to $97.00 and gave the company an “outperform” rating in a report on Thursday, October 20th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and ten have assigned a buy rating to the stock. Citrix Systems has an average rating of “Hold” and an average price target of $90.59.
Shares of Citrix Systems (NASDAQ:CTXS) traded down 0.26% on Tuesday, hitting $87.75. The stock had a trading volume of 223,235 shares. The firm has a market cap of $13.69 billion, a price-to-earnings ratio of 29.34 and a beta of 1.66. The stock has a 50 day moving average of $84.95 and a 200 day moving average of $84.91. Citrix Systems has a 12-month low of $60.91 and a 12-month high of $90.00.
Citrix Systems (NASDAQ:CTXS) last issued its earnings results on Wednesday, October 19th. The cloud computing company reported $1.32 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.13. The business had revenue of $841.30 million for the quarter, compared to analysts’ expectations of $827.21 million. Citrix Systems had a return on equity of 32.90% and a net margin of 13.69%. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.04 EPS. Equities analysts predict that Citrix Systems will post $5.20 earnings per share for the current fiscal year.
In other news, CFO David J. Henshall sold 300 shares of the stock in a transaction dated 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Murray J. Demo sold 1,000 shares of the stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $88.22, for a total transaction of $88,220.00. Following the sale, the director now owns 16,276 shares of the company’s stock, valued at approximately $1,435,868.72. The disclosure for this sale can be found here. Insiders own 0.48% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Tower Research Capital LLC TRC increased its stake in shares of Citrix Systems by 0.4% in the second quarter. Tower Research Capital LLC TRC now owns 2,886 shares of the cloud computing company’s stock valued at $231,000 after buying an additional 11 shares during the period. Synovus Financial Corp increased its stake in shares of Citrix Systems by 0.5% in the second quarter. Synovus Financial Corp now owns 2,512 shares of the cloud computing company’s stock valued at $204,000 after buying an additional 12 shares during the period. Northwestern Mutual Investment Management Company LLC increased its stake in shares of Citrix Systems by 0.6% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 5,916 shares of the cloud computing company’s stock valued at $474,000 after buying an additional 38 shares during the period. Checchi Capital Advisers LLC increased its stake in shares of Citrix Systems by 3.9% in the second quarter. Checchi Capital Advisers LLC now owns 1,304 shares of the cloud computing company’s stock worth $104,000 after buying an additional 49 shares during the last quarter. Finally, CIBC Asset Management Inc increased its stake in shares of Citrix Systems by 0.3% in the second quarter. CIBC Asset Management Inc now owns 21,401 shares of the cloud computing company’s stock worth $1,714,000 after buying an additional 63 shares during the last quarter. Institutional investors and hedge funds own 97.33% of the company’s stock.
Citrix Systems Company Profile
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.
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