$777.62 Million in Sales Expected for Citrix Systems, Inc. (CTXS) This Quarter

Brokerages expect Citrix Systems, Inc. (NASDAQ:CTXS) to post sales of $777.62 million for the current fiscal quarter, according to Zacks Investment Research. Nine analysts have provided estimates for Citrix Systems’ earnings. The lowest sales estimate is $775.65 million and the highest is $779.70 million. Citrix Systems reported sales of $908.36 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 14.4%. The firm is expected to report its next quarterly earnings results on Wednesday, January 24th.

According to Zacks, analysts expect that Citrix Systems will report full year sales of $777.62 million for the current fiscal year, with estimates ranging from $2.82 billion to $2.83 billion. For the next year, analysts forecast that the business will report sales of $2.89 billion per share, with estimates ranging from $2.86 billion to $3.08 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Citrix Systems.

Citrix Systems (NASDAQ:CTXS) last released its quarterly earnings results on Wednesday, October 25th. The cloud computing company reported $1.22 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.04 by $0.18. The company had revenue of $691.00 million for the quarter, compared to analyst estimates of $691.61 million. Citrix Systems had a net margin of 15.67% and a return on equity of 31.32%. The firm’s revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the business earned $1.32 earnings per share.

Several equities analysts have issued reports on the stock. Stifel Nicolaus decreased their price objective on shares of Citrix Systems from $77.00 to $76.00 and set a “hold” rating on the stock in a report on Thursday, October 26th. BidaskClub raised shares of Citrix Systems from a “strong sell” rating to a “sell” rating in a report on Friday. Robert W. Baird set a $90.00 price objective on shares of Citrix Systems and gave the company a “buy” rating in a report on Friday, October 6th. Wells Fargo & Co raised shares of Citrix Systems from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $82.50 to $95.00 in a report on Monday, October 2nd. Finally, Royal Bank of Canada reaffirmed a “hold” rating and set a $85.00 price objective on shares of Citrix Systems in a report on Tuesday, October 10th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $89.50.

In related news, CFO Mark M. Coyle sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $88.90, for a total transaction of $222,250.00. Following the completion of the sale, the chief financial officer now directly owns 36,012 shares in the company, valued at $3,201,466.80. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Rotterdam Jeroen Van sold 8,530 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $84.58, for a total transaction of $721,467.40. Following the sale, the senior vice president now owns 67,122 shares of the company’s stock, valued at $5,677,178.76. The disclosure for this sale can be found here. Over the last three months, insiders sold 98,530 shares of company stock worth $8,448,117. Insiders own 0.44% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. Grove Bank & Trust increased its position in Citrix Systems by 50.0% during the third 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 during the last quarter. Intact Investment Management Inc. acquired a new stake in shares of Citrix Systems during the third quarter valued at about $215,000. Colony Group LLC acquired a new stake in shares of Citrix Systems during the second quarter valued at about $228,000. Quantitative Systematic Strategies LLC acquired a new stake in shares of Citrix Systems during the third quarter valued at about $251,000. Finally, Hillsdale Investment Management Inc. increased its position in shares of Citrix Systems by 3,050.0% during the second quarter. Hillsdale Investment Management Inc. now owns 3,780 shares of the cloud computing company’s stock valued at $300,000 after acquiring an additional 3,660 shares during the last quarter. Hedge funds and other institutional investors own 94.22% of the company’s stock.

Citrix Systems (CTXS) traded up $1.05 during mid-day trading on Friday, reaching $90.70. 987,400 shares of the company traded hands, compared to its average volume of 1,140,267. The firm has a market capitalization of $13,800.00, a price-to-earnings ratio of 28.17, a PEG ratio of 4.43 and a beta of 1.41. The company has a current ratio of 1.44, a quick ratio of 1.43 and a debt-to-equity ratio of 0.69. Citrix Systems has a 52 week low of $70.24 and a 52 week high of $90.99.

Citrix Systems declared that its board has authorized a stock buyback program on Monday, November 13th that allows the company to repurchase $1.70 billion in outstanding shares. This repurchase authorization allows the cloud computing company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

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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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