Citrix Systems, Inc. (CTXS) Position Increased by Cadence Capital Management LLC
Cadence Capital Management LLC raised its position in Citrix Systems, Inc. (NASDAQ:CTXS) by 20.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 14,662 shares of the cloud computing company’s stock after purchasing an additional 2,490 shares during the period. Cadence Capital Management LLC’s holdings in Citrix Systems were worth $1,630,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also recently bought and sold shares of the business. WESPAC Advisors LLC acquired a new position in Citrix Systems in the 3rd quarter valued at approximately $978,000. Commerce Bank raised its holdings in Citrix Systems by 15.2% in the 3rd quarter. Commerce Bank now owns 4,482 shares of the cloud computing company’s stock valued at $498,000 after acquiring an additional 593 shares in the last quarter. Stratos Wealth Partners LTD. acquired a new position in Citrix Systems in the 3rd quarter valued at approximately $102,000. Pitcairn Co. acquired a new position in Citrix Systems in the 3rd quarter valued at approximately $825,000. Finally, Comerica Bank raised its holdings in Citrix Systems by 26.7% in the 3rd quarter. Comerica Bank now owns 39,641 shares of the cloud computing company’s stock valued at $4,051,000 after acquiring an additional 8,349 shares in the last quarter. 95.37% of the stock is owned by hedge funds and other institutional investors.
In other news, Chairman Robert Calderoni sold 2,128 shares of the stock in a transaction that occurred on Thursday, November 1st. The stock was sold at an average price of $102.34, for a total value of $217,779.52. Following the completion of the transaction, the chairman now directly owns 138,772 shares of the company’s stock, valued at approximately $14,201,926.48. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Rotterdam Jeroen Van sold 7,766 shares of the stock in a transaction that occurred on Thursday, October 4th. The stock was sold at an average price of $109.78, for a total value of $852,551.48. Following the completion of the transaction, the executive vice president now directly owns 59,685 shares of the company’s stock, valued at $6,552,219.30. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,641 shares of company stock valued at $2,315,751. 0.56% of the stock is currently owned by insiders.
Citrix Systems (NASDAQ:CTXS) last issued its earnings results on Wednesday, October 24th. The cloud computing company reported $1.40 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.25 by $0.15. Citrix Systems had a return on equity of 91.46% and a net margin of 4.27%. The business had revenue of $732.47 million during the quarter, compared to analysts’ expectations of $722.76 million. During the same period in the prior year, the firm posted $1.22 EPS. Citrix Systems’s quarterly revenue was up 6.0% compared to the same quarter last year. As a group, equities research analysts expect that Citrix Systems, Inc. will post 4.38 earnings per share for the current year.
Citrix Systems declared that its Board of Directors has initiated a share buyback program on Wednesday, October 24th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the cloud computing company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 21st. Stockholders of record on Friday, December 7th will be issued a $0.35 dividend. The ex-dividend date is Thursday, December 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.31%.
CTXS has been the subject of several recent research reports. Barclays upped their price target on Citrix Systems from $112.00 to $114.00 and gave the company an “equal weight” rating in a report on Friday, September 7th. BidaskClub raised Citrix Systems from a “hold” rating to a “buy” rating in a report on Saturday, September 1st. Wedbush initiated coverage on Citrix Systems in a report on Thursday, October 18th. They issued a “neutral” rating and a $115.00 price target for the company. Cowen reaffirmed a “hold” rating and issued a $120.00 price target on shares of Citrix Systems in a report on Thursday, July 26th. Finally, Bank of America cut their price target on Citrix Systems from $123.00 to $116.00 and set a “neutral” rating for the company in a report on Thursday, October 25th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Citrix Systems presently has a consensus rating of “Hold” and an average target price of $113.93.
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About Citrix Systems
Citrix Systems, Inc delivers solutions to secure and access applications worldwide. The company offers workspace services, including XenDesktop, a cloud-enabled desktop virtualization solution that gives customers the flexibility to deliver desktops and applications as a service from cloud and on-premises datacenters; and XenApp that allows Windows applications to be delivered as cloud services to Android and iOS mobile devices, Macs, PCs, and thin clients.
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