Citrix Systems (CTXS) Lowered to Market Perform at Cowen
Citrix Systems (NASDAQ:CTXS) was downgraded by investment analysts at Cowen from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Thursday. They currently have a $93.00 price target on the cloud computing company’s stock, up from their prior price target of $90.00. Cowen’s price objective would suggest a potential upside of 3.29% from the company’s current price. The analysts noted that the move was a valuation call.
CTXS has been the subject of several other reports. Stifel Nicolaus reduced their price objective on Citrix Systems from $77.00 to $76.00 and set a “hold” rating for the company in a report on Thursday, October 26th. Zacks Investment Research cut Citrix Systems from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. BidaskClub cut Citrix Systems from a “sell” rating to a “strong sell” rating in a report on Saturday, December 2nd. Wells Fargo & Co raised Citrix Systems from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $82.50 to $95.00 in a report on Monday, October 2nd. Finally, Robert W. Baird set a $90.00 price objective on Citrix Systems and gave the stock a “buy” rating in a report on Friday, October 6th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $89.00.
Shares of Citrix Systems (NASDAQ CTXS) traded up $0.23 during mid-day trading on Thursday, reaching $90.04. The company had a trading volume of 1,066,100 shares, compared to its average volume of 1,244,289. The firm has a market capitalization of $13,570.00, a PE ratio of 27.96, a PEG ratio of 4.45 and a beta of 1.41. Citrix Systems has a 52-week low of $70.24 and a 52-week high of $91.83. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.43 and a current ratio of 1.44.
Citrix Systems announced that its Board of Directors has approved a share buyback plan on Monday, November 13th that allows the company to repurchase $1.70 billion in shares. This repurchase authorization allows the cloud computing company to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
In other news, CFO Mark M. Coyle sold 2,500 shares of Citrix Systems stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $84.32, for a total value of $210,800.00. Following the completion of the sale, the chief financial officer now owns 38,512 shares of the company’s stock, valued at $3,247,331.84. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO David J. Henshall sold 12,500 shares of Citrix Systems stock in a transaction on Friday, December 1st. The shares were sold at an average price of $88.31, for a total value of $1,103,875.00. Following the completion of the sale, the chief executive officer now directly owns 294,277 shares of the company’s stock, valued at approximately $25,987,601.87. The disclosure for this sale can be found here. In the last ninety days, insiders sold 98,530 shares of company stock valued at $8,448,117. Company insiders own 0.44% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Farallon Capital Management LLC grew its position in Citrix Systems by 8.2% during the second quarter. Farallon Capital Management LLC now owns 1,606,673 shares of the cloud computing company’s stock valued at $127,859,000 after acquiring an additional 121,549 shares during the period. BT Investment Management Ltd grew its position in Citrix Systems by 11.7% during the third quarter. BT Investment Management Ltd now owns 1,314,871 shares of the cloud computing company’s stock valued at $101,020,000 after acquiring an additional 138,032 shares during the period. Schroder Investment Management Group grew its position in Citrix Systems by 0.9% during the third quarter. Schroder Investment Management Group now owns 1,267,628 shares of the cloud computing company’s stock valued at $97,221,000 after acquiring an additional 10,876 shares during the period. Numeric Investors LLC grew its position in Citrix Systems by 61.4% during the second quarter. Numeric Investors LLC now owns 1,156,334 shares of the cloud computing company’s stock valued at $92,021,000 after acquiring an additional 439,821 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its position in Citrix Systems by 22.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,100,626 shares of the cloud computing company’s stock valued at $87,588,000 after acquiring an additional 200,291 shares during the period. 94.23% of the stock is owned by institutional investors and hedge funds.
Citrix Systems Company Profile
Citrix Systems, Inc offers Enterprise and Service Provider products, which include Workspace Services solutions and Delivery Networking products. The Company’s Enterprise and Service Provider products include Cloud Services solutions, and related license updates and maintenance, support and professional services.
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