Citrix Systems Inc. (CTXS) Lifted to “Buy” at Zacks Investment Research
Citrix Systems Inc. (NASDAQ:CTXS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage presently has a $98.00 price objective on the cloud computing company’s stock. Zacks Investment Research’s price target suggests a potential upside of 12.00% from the company’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.”
CTXS has been the topic of several other research reports. Jefferies Group downgraded shares of Citrix Systems from a “hold” rating to an “underperform” rating and cut their price target for the stock from $80.00 to $71.00 in a report on Monday, August 1st. They noted that the move was a valuation call. Vetr upgraded Citrix Systems from a “hold” rating to a “buy” rating and set a $87.24 price objective on the stock in a research report on Tuesday, October 11th. Mizuho restated a “neutral” rating and issued a $90.00 price objective on shares of Citrix Systems in a research report on Monday, October 17th. Needham & Company LLC restated a “buy” rating and issued a $96.00 price objective on shares of Citrix Systems in a research report on Thursday, October 20th. Finally, Morgan Stanley upped their price objective on Citrix Systems from $77.00 to $84.00 and gave the stock an “underweight” rating in a research report on Thursday, October 20th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and ten have issued a buy rating to the company’s stock. Citrix Systems has an average rating of “Hold” and a consensus target price of $90.54.
Shares of Citrix Systems (NASDAQ:CTXS) traded up 0.58% during trading on Tuesday, reaching $87.97. The company had a trading volume of 173,693 shares. The firm has a 50-day moving average of $85.36 and a 200 day moving average of $85.10. Citrix Systems has a 1-year low of $60.91 and a 1-year high of $90.00. The firm has a market capitalization of $13.72 billion, a PE ratio of 29.41 and a beta of 1.66.
Citrix Systems (NASDAQ:CTXS) last announced its earnings results on Wednesday, October 19th. The cloud computing company reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.13. The company had revenue of $841.30 million for the quarter, compared to analyst estimates of $827.21 million. Citrix Systems had a return on equity of 32.90% and a net margin of 13.69%. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.04 earnings per share. Analysts expect that Citrix Systems will post $5.20 earnings per share for the current year.
In related news, CFO David J. Henshall sold 300 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 206,481 shares in the company, valued at $18,067,087.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO David J. Henshall sold 25,000 shares of Citrix Systems stock in a transaction that occurred on Wednesday, November 9th. The stock was sold at an average price of $85.05, for a total value of $2,126,250.00. Following the transaction, the chief financial officer now directly owns 216,781 shares in the company, valued at approximately $18,437,224.05. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of Montreal Can purchased a new position in Citrix Systems during the second quarter valued at approximately $213,278,000. FMR LLC raised its position in Citrix Systems by 65.3% in the second quarter. FMR LLC now owns 4,754,745 shares of the cloud computing company’s stock valued at $380,807,000 after buying an additional 1,878,884 shares during the period. Nordea Investment Management AB raised its position in Citrix Systems by 70.2% in the third quarter. Nordea Investment Management AB now owns 3,259,636 shares of the cloud computing company’s stock valued at $277,786,000 after buying an additional 1,344,047 shares during the period. Westpac Banking Corp raised its position in Citrix Systems by 687.1% in the third quarter. Westpac Banking Corp now owns 1,203,424 shares of the cloud computing company’s stock valued at $102,556,000 after buying an additional 1,050,527 shares during the period. Finally, ING Groep NV raised its position in Citrix Systems by 8,880.2% in the second quarter. ING Groep NV now owns 725,958 shares of the cloud computing company’s stock valued at $58,135,000 after buying an additional 717,874 shares during the period. 95.70% of the stock is currently owned by institutional investors.
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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