Software stocks have done quite well during the pandemic months. Software companies, in general, have not been affected as much by shelter-in-place or work-from-home orders. Additionally, the demand for online tools and the digital economy has seen a strong uptick since people have been working on living more of their lives online. More and more activities are being done online and software companies have benefited from this trend. However, with so many listed software stocks, the challenge is to buy top software stocks and find the most promising names. Remote access to servers and desktop virtualization are key aspects of working remotely. Citrix Systems specializes in such technologies and could be a great candidate for investment given the expectation of the remote working regime to continue into the future.
A Bit About Citrix Systems And Its History
Citrix Systems was founded in the year 1989 in the city of Richardson in Dallas county of Texas. The founder was Ed Iacobucci, an Argentine-American who worked as an engineer and designer at IBM. He left IBM to start Citrix Systems. In its early days, the company used to develop remote access products for Microsoft operating systems. To date, Citrix Systems has been in partnership with Microsoft, a relationship that has spanned more than 3 decades. Citrix Systems went public in 1995 and had few competitors at that time. Today, Citrix offers a range of virtualization software, endpoint management for mobile device management, and network solutions for routing, WAN monitoring, and network security. Citrix Systems achieved revenues of over $3.2 billion in 2020 and the company employs about 9,000 employees. It is considered by some investors as a top software stock to buy.
Citrix Systems’ stock was trading around $138 at the close of day on 30th March 2021. The stock was almost flat for the preceding 30 days. On a 1-year basis too, the stock hasn’t done much, with prices being down about 2% during the 12 months.