The S&P 500 rose 9.29 points, or 0.67%, to 1,399.98 on Thursday.
Shares of Citrix Systems gained 12.43% to $86.76. On Thursday, the stock was upgraded to outperform by FBR Securities analysts with a $100 price target after a big earnings beat.
The company reported Wednesday after the close first-quarter earnings of 59 cents a share, excluding items, up from year-earlier earnings of 50 cents. On average, analysts expected earnings of 51 cents a share.First quarter revenue grew 20% to $589 million. Citrix Systems trades at an estimated price-to-earnings ratio for next year of 27.37X; the average for software companies is 30.58X. For comparison, Salesforce.com (CRM) has a higher forward P/E of 74.88X. Twenty-three of the 35 analysts who cover Citrix rated it buy. Eleven analysts gave the stock a hold rating and one rated it sell. TheStreet Ratings gives Citrix an A- grade with a buy rating and $90.32 price target. The stock has risen 42.89% year to date.