Bank of America Boosts Citrix Systems (CTXS) Price Target to $97.00

Citrix Systems (NASDAQ:CTXS) had its target price hoisted by investment analysts at Bank of America from $91.00 to $97.00 in a report released on Thursday. The firm presently has a “neutral” rating on the cloud computing company’s stock. Bank of America’s price target points to a potential upside of 3.82% from the company’s previous close.

A number of other research firms have also issued reports on CTXS. Citigroup reduced their price target on Citrix Systems from $96.00 to $94.00 and set a “buy” rating on the stock in a research report on Friday, October 27th. Zacks Investment Research lowered Citrix Systems from a “hold” rating to a “sell” rating in a research report on Tuesday, December 26th. KeyCorp reaffirmed a “hold” rating on shares of Citrix Systems in a research report on Friday, November 10th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $88.00 price target (up previously from $86.00) on shares of Citrix Systems in a research report on Thursday. Finally, Goldman Sachs Group raised Citrix Systems from a “neutral” rating to a “buy” rating and set a $109.00 price target on the stock in a research report on Friday, November 3rd. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $91.31.

Citrix Systems (NASDAQ CTXS) traded up $0.67 during mid-day trading on Thursday, reaching $93.43. The company’s stock had a trading volume of 2,378,955 shares, compared to its average volume of 1,366,389. The company has a quick ratio of 1.43, a current ratio of 1.44 and a debt-to-equity ratio of 0.69. The firm has a market cap of $13,970.00, a price-to-earnings ratio of 3,114.33, a P/E/G ratio of 4.58 and a beta of 1.41. Citrix Systems has a 52 week low of $71.00 and a 52 week high of $95.00.

Citrix Systems (NASDAQ:CTXS) last posted its quarterly earnings results on Wednesday, January 31st. The cloud computing company reported $1.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.06. The company had revenue of $777.90 million for the quarter, compared to analyst estimates of $778.49 million. Citrix Systems had a return on equity of 31.32% and a net margin of 15.67%. Citrix Systems’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.61 EPS. equities analysts anticipate that Citrix Systems will post 3.93 earnings per share for the current fiscal year.

Citrix Systems declared that its board has approved a share repurchase plan 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 reacquire shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

In related news, CFO Mark M. Coyle sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $88.90, for a total transaction of $222,250.00. Following the transaction, the chief financial officer now owns 36,012 shares in the company, valued at approximately $3,201,466.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Rotterdam Jeroen Van sold 8,530 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $84.58, for a total value 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 disclosure for this sale can be found here. In the last quarter, insiders sold 98,530 shares of company stock worth $8,448,117. Company insiders own 0.44% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Grove Bank & Trust grew its stake in 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 buying an additional 768 shares during the last quarter. WESPAC Advisors LLC purchased a new position in Citrix Systems during the 4th quarter worth approximately $208,000. Intact Investment Management Inc. purchased a new position in Citrix Systems during the 3rd quarter worth approximately $215,000. Kovack Advisors Inc. purchased a new position in Citrix Systems during the 4th quarter worth approximately $249,000. Finally, Colony Group LLC purchased a new position in Citrix Systems during the 2nd quarter worth approximately $228,000. Hedge funds and other institutional investors own 92.16% of the company’s stock.

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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.

Analyst Recommendations for Citrix Systems (NASDAQ:CTXS)

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