Citrix Systems Stock Rating Upgraded by Barclays Capital (CTXS)
Citrix Systems (NASDAQ:CTXS) was upgraded by stock analysts at Barclays Capital from an “equal weight” rating to an “overweight” rating in a report issued on Monday, AnalystRatingsNetwork reports. The firm currently has a $78.00 price objective on the stock, up from their previous price objective of $77.00. Barclays Capital’s target price would suggest a potential upside of 10.67% from the stock’s previous close.
The analysts wrote, “With desktop growth/sentiment improving from a trough in Q2 and the company benefiting from an improving enterprise spend environment in 2H13, we are being opportunistic on the recent pullback and upgrading Citrix to Overweight. Looking at Q3 specifically, we believe desktop license growth expectations (5-8%) are much more achievable, especially given the substantially easier comp (-1% vs. 7% in Q2). In addition, the data from our VAR survey improved over the prior survey, as no partners reported their CTXS businesses performing below plan. We would be buyers of CTXS ahead of the quarter.”
Citrix Systems (NASDAQ:CTXS) traded up 0.23% during mid-day trading on Monday, hitting $70.64. The stock had a trading volume of 836,025 shares. Citrix Systems has a one year low of $56.57 and a one year high of $77.16. The stock’s 50-day moving average is $72.10 and its 200-day moving average is $67.82. The company has a market cap of $13.237 billion and a price-to-earnings ratio of 42.20.
Citrix Systems (NASDAQ:CTXS) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $0.66 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.63 by $0.03. The company had revenue of $730.00 million for the quarter, compared to the consensus estimate of $710.19 billion. During the same quarter in the prior year, the company posted $0.71 earnings per share. The company’s quarterly revenue was up 18.7% on a year-over-year basis. On average, analysts predict that Citrix Systems will post $3.09 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Citrix Systems in a research note to investors on Thursday, September 19th. They now have a $79.00 price target on the stock. Separately, analysts at Jefferies Group raised their price target on shares of Citrix Systems from $78.00 to $84.00 in a research note to investors on Thursday, August 8th. They now have a “buy” rating on the stock. Finally, analysts at Credit Suisse upgraded shares of Citrix Systems from a “neutral” rating to an “outperform” rating in a research note to investors on Friday, August 2nd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty-one have given a buy rating to the stock. Citrix Systems has an average rating of “Buy” and a consensus target price of $78.56.
Citrix Systems, Inc designs, develops and markets technology solutions that enable information technology (NASDAQ:CTXS) services.
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