Zacks Investment Research Downgrades Citrix Systems Inc. (CTXS) to Hold
Citrix Systems Inc. (NASDAQ:CTXS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.
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. However we are concerned about macroeconomic headwinds. “
Other research analysts have also issued research reports about the company. Jefferies Group lowered Citrix Systems from a “hold” rating to an “underperform” rating and cut their price objective for the company from $80.00 to $71.00 in a research report on Monday, August 1st. They noted that the move was a valuation call. Barclays PLC raised their price objective on Citrix Systems from $90.00 to $92.00 and gave the company an “overweight” rating in a research report on Wednesday, July 27th. Morgan Stanley raised their price objective on Citrix Systems from $70.00 to $77.00 and gave the company an “underweight” rating in a research report on Wednesday, July 27th. BTIG Research restated a “neutral” rating on shares of Citrix Systems in a research report on Wednesday, July 27th. Finally, Stifel Nicolaus lowered Citrix Systems from a “buy” rating to a “hold” rating in a research report on Wednesday, July 27th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $90.59.
Citrix Systems (NASDAQ:CTXS) opened at 88.31 on Thursday. The company has a market cap of $13.77 billion, a price-to-earnings ratio of 29.53 and a beta of 1.66. Citrix Systems has a 52-week low of $60.91 and a 52-week high of $90.00. The firm’s 50-day moving average price is $85.27 and its 200-day moving average price is $85.03.
Citrix Systems (NASDAQ:CTXS) last posted its quarterly earnings results on Wednesday, October 19th. The cloud computing company reported $1.32 EPS for the quarter, beating the Zacks’ 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 quarterly revenue was up 3.4% on a year-over-year basis. During the same period last year, the firm earned $1.04 earnings per share. On average, equities analysts anticipate that Citrix Systems will post $5.20 EPS for the current year.
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In other Citrix Systems news, Director Murray J. Demo sold 1,000 shares of Citrix Systems stock in a transaction on Thursday, September 29th. The shares were sold at an average price of $86.03, for a total value of $86,030.00. Following the transaction, the director now directly owns 14,276 shares of the company’s stock, valued at $1,228,164.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO David J. Henshall sold 300 shares of Citrix Systems stock in a transaction on Thursday, November 10th. The stock was sold at an average price of $87.50, for a total transaction of $26,250.00. Following the completion of the transaction, the chief financial officer now directly 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.
Institutional investors have recently added to or reduced their stakes in the company. Checchi Capital Advisers LLC raised its position in 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 valued at $104,000 after buying an additional 49 shares in the last quarter. Global X Management Co. LLC raised its stake in shares of Citrix Systems by 82.7% in the second quarter. Global X Management Co. LLC now owns 1,745 shares of the cloud computing company’s stock worth $140,000 after buying an additional 790 shares during the period. Whittier Trust Co. of Nevada Inc. raised its stake in shares of Citrix Systems by 3.3% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 2,349 shares of the cloud computing company’s stock worth $188,000 after buying an additional 75 shares during the period. Advisor Partners LLC bought a new stake in shares of Citrix Systems during the third quarter worth $206,000. Finally, Synovus Financial Corp raised 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 worth $204,000 after buying an additional 12 shares during the period. 95.70% of the stock is currently owned by institutional investors and hedge funds.
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.
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