Mizuho reissued their buy rating on shares of Citrix Systems (NASDAQ:CTXS) in a research note issued to investors on Wednesday. The brokerage currently has a $101.00 price target on the cloud computing company’s stock, up from their prior price target of $92.00.
“We believe mgmt. is likely to be more conservative in order to leave itself room to deliver upside; we expect an outlook around $4.60-4.70 vs. consensus of $4.84. Maintain Buy rating; raising PT to $101 from $92. In all, we think current valuation of around 13x our adjusted 2019 FCF estimates seems reasonable with potential for expansion as investors gain more visibility into the pace of the transition and FCF opportunity.”,” Mizuho’s analyst wrote.
A number of other research analysts have also commented on the stock. Goldman Sachs Group upgraded shares of Citrix Systems from a neutral rating to a buy rating and set a $109.00 price target on the stock in a research note on Friday, November 3rd. Zacks Investment Research lowered shares of Citrix Systems from a hold rating to a sell rating in a research note on Wednesday, October 4th. Robert W. Baird set a $90.00 price target on shares of Citrix Systems and gave the company a buy rating in a research note on Friday, October 6th. Citigroup decreased their price target on shares of Citrix Systems from $96.00 to $94.00 and set a buy rating on the stock in a research note on Friday, October 27th. Finally, Stifel Nicolaus decreased their price target on shares of Citrix Systems from $77.00 to $76.00 and set a hold rating on the stock in a research note on Thursday, October 26th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the company. The company has an average rating of Hold and a consensus target price of $89.50.
Citrix Systems (NASDAQ:CTXS) last announced its quarterly earnings results on Wednesday, October 25th. The cloud computing company reported $1.22 EPS for the quarter, beating the Zacks’ consensus estimate of $1.04 by $0.18. Citrix Systems had a net margin of 15.67% and a return on equity of 31.32%. The business had revenue of $691.00 million for the quarter, compared to analyst estimates of $691.61 million. During the same quarter in the prior year, the business earned $1.32 EPS. Citrix Systems’s quarterly revenue was up 3.3% on a year-over-year basis. research analysts anticipate that Citrix Systems will post 3.93 EPS for the current fiscal year.
Citrix Systems declared that its Board of Directors has initiated a share buyback program on Monday, November 13th that allows the company to buyback $1.70 billion in outstanding shares. This buyback authorization allows the cloud computing company to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
In other Citrix Systems news, SVP Rotterdam Jeroen Van sold 8,530 shares of the stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $84.58, for a total transaction of $721,467.40. Following the transaction, the senior vice president now owns 67,122 shares in the company, valued at approximately $5,677,178.76. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO David J. Henshall sold 12,500 shares of the stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $84.25, for a total transaction of $1,053,125.00. Following the transaction, the chief executive officer now owns 306,777 shares in the company, valued at approximately $25,845,962.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 98,530 shares of company stock worth $8,448,117. Company insiders own 0.44% of the company’s stock.
Several large investors have recently made changes to their positions in CTXS. Grove Bank & Trust grew its position in shares of Citrix Systems by 50.0% during the 3rd quarter. Grove Bank & Trust now owns 2,303 shares of the cloud computing company’s stock worth $177,000 after purchasing an additional 768 shares in the last quarter. Intact Investment Management Inc. acquired a new stake in shares of Citrix Systems during the 3rd quarter worth approximately $215,000. Colony Group LLC acquired a new stake in shares of Citrix Systems during the 2nd quarter worth approximately $228,000. Quantitative Systematic Strategies LLC acquired a new stake in shares of Citrix Systems during the 3rd quarter worth approximately $251,000. Finally, Hillsdale Investment Management Inc. boosted its position in shares of Citrix Systems by 3,050.0% during the 2nd quarter. Hillsdale Investment Management Inc. now owns 3,780 shares of the cloud computing company’s stock worth $300,000 after acquiring an additional 3,660 shares in the last quarter. Hedge funds and other institutional investors own 94.23% of the company’s stock.
About Citrix Systems
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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