In a report released yesterday, Ittai Kidron from Oppenheimer assigned a Hold rating to Citrix Systems (NASDAQ: CTXS). The company’s shares closed yesterday at $99.93.
Kidron noted:
“Citrix reported strong September-quarter results, coming in above consensus expectations. The strength was driven by Workspace Services, reflecting continued demand for hybrid cloud solutions. Subscription revenue growth, however, decelerated sequentially as bookings were seasonally back-end loaded. We anticipate a re-acceleration as September bookings roll into 4Q18. Longer-term, management expects the subscription mix (of product bookings) to rise to 50%-55% in FY19, creating a 1-2 point revenue headwind. We see this shift overshadowing improving underlying business fundamentals as Citrix’s vision is coming into focus with a growing demand pipeline. While impressed with the pace of Citrix’s transition to a subscription model and margin improvement, we await a better entry point. Adjusting estimates for results/guidance. Maintain Perform.”
According to TipRanks.com, Kidron is a top 100 analyst with an average return of 21.9% and a 61.2% success rate. Kidron covers the Consumer Goods sector, focusing on stocks such as Juniper Networks, Arista Networks, and Radware Ltd.
The word on The Street in general, suggests a Hold analyst consensus rating for Citrix Systems with a $111.71 average price target, representing an 11.8% upside. In a report issued on October 18, Wedbush also initiated coverage with a Hold rating on the stock with a $115 price target.
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The company has a one-year high of $116.82 and a one-year low of $80.20. Currently, Citrix Systems has an average volume of 1.47M.
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Citrix Systems, Inc. engages in the design, developnment, and marketing of information technology solutions. It provides digital workspace that unifies apps, data, and services. It markets and licenses its products directly to customers through web, systems integrators, value-added resellers, and service providers.
