The stock topped out at an all-time peak out of the gate
Citrix Systems, Inc. (NASDAQ:CTXS) last night reported first-quarter adjusted earnings of $1.29 per share on $697 million in revenue -- more than analysts were expecting. The software firm cited growing revenue from its subscription-based model for the strong results, and in reaction, CTXS stock has jumped 4.1% out of the gate to trade at $100.53 -- fresh off a record high of $102.88.
Analysts were quick to chime in on Citrix Systems after earnings, too. Overall, the reaction has been positive, with at least nine brokerages boosting their price targets on CTXS stock -- including Berenberg to $107 from $105. However, the firm also downgraded the security to "hold" from "buy," citing valuation concerns. The most upbeat outlook came from Mizuho, which raised its CTXS price target to $115 from $101.
This generally upbeat outlook toward Citrix Systems is rare among analysts, though. No fewer than 11 brokerages maintain a "hold" or "sell" rating on CTXS shares, while the average 12-month price target of $103.65 represents a slim 3.5% premium to current levels.
Looking closer at the charts, today's positive price action is just more of the same for the tech stock. Since bottoming at an annual low of $73.33 last August, the shares have surged nearly 38%. Helping CTXS have been sharp bounces off its 80-day and 120-day moving averages, which served as springboards during pullbacks in April and February, respectively. Should the security continue its uptrend, more bullish brokerage notes could create even bigger tailwinds.