Here is why Citrix Systems Inc. (CTXS) stock soared on Monday?

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ESLT Stock
ESLT Stock

Citrix Systems Inc. (CTXS) shares soared 6.93% in after-hours on Monday, December 20, 2021, and closed the daily trading at $89.45. Even in the regular trading session, CTXS’s stock gained 0.16%. CTXS shares have fallen 36.94% over the last 12 months, and they have moved down 0.45% in the past week. Over the past three months, the stock has lost 23.04%, while over the past six months, it has declined 27.13%.

Let’s have a look at its recent news and developments


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Elliott and Vista looking to buy CTXS

On December 20, 2021, Bloomberg News reported that Elliott Management Corp has partnered with Vista Equity Partners for a joint bid for the U.S. cloud computing company, Citrix Systems Inc. (CTXS).

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Citrix’s share price dropped to its lowest level since 2018 but it has a market value of more than $10 billion.

The talks are in the early-stage and Citrix and Vista did not immediately respond to the request for comment. Elliott declined to comment.

Nilkamal select CTXS remote solutions

Nilkamal Limited, an industry pioneer in manufacturing molded furniture and material handling products, chose Citrix Systems Inc. (CTXS) for secure remote work. Remote working become very popular during the Covid-19 pandemic and Nilkamal had to equip employees across its eight manufacturing plants, a network of more than 1,000 distributors, over 20,000 dealers, and 80 stores to work from anywhere consistently and securely to keep business moving.

The Citrix Virtual Apps and Desktops™ were chosen by Nikkamal to keep its business moving remotely during the pandemic.

CTXS latest financial results

On November 04, 2021, Citrix Systems Inc. (CTXS) reported its financial results for the third quarter of 2021 which ended on September 30, 2021.

Q3 2021 financial highlights

  • CTXS reported total net revenue of $778.44 million in Q3 2021 compared to $767.17 million in Q3 2020.
  • The total cost of revenue was $146.82 million compared to $127.3 million in Q3 2020.
  • Total operating expenses were $547.16 million in Q3 2021 compared to $511.6 million in Q3 2020.
  • GAAP net income in the third quarter was $52 million, or $0.41 per diluted share compared to $98.3 million or $0.78 per diluted share in Q3 2020.
  • As of September 30, 2021, the company had approximately $464 million in cash and investments.

Q4 2021 financial guidance

For Q4 2021, Citrix is expecting,

  • Total revenue in the range of $825 million to $835 million.
  • GAAP diluted EPS in the range of $0.19 to $0.25.

FY 2021 financial guidance

For FY 2021, the company is expecting,

Conclusion

The Citrix stock went up after the rumors that Elliott and Vista looking to buy the company. Still, the news is not confirmed by any company but authentic sources are telling that the talks are at early stages. So its stock price can further go up in the coming trading sessions.

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