Citrix Systems: S&P Intraday Gainer
NEW YORK (TheStreet) -- Citrix Systems was the best-performing stock in the S&P 500 on Thursday.
The S&P ticked up 0.71 points, or 0.05%, Thursday morning to 1,391.40.
Shares of Citrix rose 9.19% to $84.26. The stock was upgraded to outperform by FBR Securities analysts on Thursday with a $100 price target.
"We believe the company is clearly firing on all cylinders and still appears to be in the early days of a massive product cycle around desktop virtualization," FBR Securities analysts wrote in the report Thursday. "While we have been sitting on the sidelines on Citrix due mainly to product/execution transitions going on in the field, as evidenced by last night's quarter/outlook, coupled with our recent checks around desktop virtualization adoption trends, we believe the 'light has changed from yellow to green' on the name; thus, we would be strong buyers of shares this morning. In terms of the quarter, Citrix delivered strong March results as the company handily beat the Street on both the top and bottom lines, coupled with a stronger-than-expected bookings performance, which we believe is a telling indicator of the company's growth prospects for the remainder of 2012."Citrix reported first-quarter earnings Wednesday of 59 cents a share, excluding items, up from year-earlier earnings of 50 cents. Analysts, on average, expected earnings of 51 cents a share. Revenue in the quarter grew 20% to $589 million. Citrix trades at an estimated price-to-earnings ratio of 26.58; the average for software companies is 30.35. For comparison, Salesforce.com (CRM) has a higher forward P/E of 73.32. Twenty-two of the 35 analysts who cover Citrix Systems rated it buy. Twelve analysts gave the stock a hold rating and one rated it sell. TheStreet Ratings gives Citrix Systems a C grade and hold rating. The stock has risen 38.87% year to date. -- Written by Alexandra Zendrian
>To contact the writer of this article, click here: Alexandra Zendrian >To submit a news tip, send an email to: email@example.com. >To follow the writer on Twitter, go to Alexandra Zendrian.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV