Software Stock Tends To Be a Historical Outperformer in March

CTXS could soon break past pressure on the charts

Deputy Editor
Mar 3, 2022 at 3:14 PM
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Software stock Citrix Systems Inc (NASDAQ:CTXS) has experienced muted price action over the past couple months. However, its chart could soon become more interesting, as CTXS just appeared on Schaeffer's Senior Quantitative Analyst Rocky White's list of stocks on the S&P 500 Index (SPX) that averaged the highest March returns over the last 10 years. 

Per White's data, Citrix Systems stock boasted an average 5.8% one-month return in March over the past decade, with eight of the 10 months finishing positive. A similar move from the security's current perch of $102.10 would put CTXS at $108.02 -- its highest level since early October. Plus, the stock would likely break past pressure at its 200-day moving average, which has been keeping a tight lid on gains. Year-to-date, the equity is up 7.9%.

CTXS March3

A round of upgrades could also give CTXS a boost. Of the six analysts in coverage, three carry a tepid" hold" rating, with three a "sell" or worse. There is plenty of room for price-target hikes as well, as the 12-month consensus price target of $99.89 is a 2.1% discount to current levels. 

 

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