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Citrix Systems Inc CTXS

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Morningstar’s Analysis

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Citrix Reports Strong Results and Bolsters Portfolio with Wrike Acquisition; FVE up to $154

Dan Romanoff, CPA Equity Analyst

Analyst Note

| Dan Romanoff, CPA |

Narrow-moat Citrix Systems reported strong fourth-quarter results from nearly any angle. Guidance was in line for the year and perhaps slightly light for the quarter. Given management’s recent track record of reporting meaningful quarterly upside to guidance, we view the near-term outlook as conservative. The company is clearly benefiting from its long-time position as a remote work enabler in a period where companies around the world were dealing with shelter-in-place restrictions. We continue to share management’s view that it will still take some time for the world to return to normal working conditions and that increased remote work will be more normal going forward. Along those lines, Citrix announced the acquisition of Wrike, a leader in collaborative work management solutions that help remote teams operate more effectively. We remain generally inline with management’s long-term financial targets, but we think COVID-19 and the transition to the cloud make modelling challenging through 2021. We are raising our fair value estimate to $154 per share from $141 based mainly on rolling our model forward and we see the stock as undervalued.

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Company Profile

Business Description

Citrix Systems provides virtualization software, including Virtual Apps and Desktops for desktop virtualization and Citrix Virtual Apps for application virtualization. The company also provides Citrix Endpoint Management for mobile device management and Citrix ADC for application delivery and Citrix SDWAN for routing, security, and WAN monitoring.

851 West Cypress Creek Road
Fort Lauderdale, FL, 33309
T +1 954 267-3000
Sector Technology
Industry Software - Application
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Classic Growth
Employees 8,400