Citrix Systems is best known for its desktop virtualization and remote access technologies. The company has been in partnership with Microsoft for over 30 years and is among the most recognizable brands in the software industry. If you are someone looking to buy software stocks right now, then Citrix Systems is worthy of further research. Big names like Adobe, SalesForce, and Microsoft have all witnessed robust growth in recent times due to important transformations taking place in the global economy. There is a greater focus on cloud computing, working remotely (thanks to the pandemic), and greater overall digitalization of the economy. In such an evolving scenario, it may be a good idea to look at some promising names within the software industry. However, one has to be selective at the same time because the NASDAQ100 has run up significantly and now seems to be pulling back.
Citrix Reports Q42020 Earnings Results
Citrix Systems reported its fourth-quarter 2020 earnings results on 21st January 2021. Revenues rose from $3.01 billion in Q42019 to $3.24 billion. Earnings per share on a diluted basis, however, went down from $5.03 per share in Q42019 to $4 per share. Company CEO David Henshall said, “The transformation of Citrix that we initiated a few years back has been really successful. We now have over $1.2 billion in subscription ARR”. Mr. David further added, “And importantly, SaaS ARR, which is now $725 million, reaccelerated in the fourth quarter, up nearly 40% year-on-year. What drove this strong growth is our installed base, moving more aggressively to Citrix Cloud.” Citrix can be a candidate for the best software stock to buy.
Buy Software Stocks Right Now
Citrix Systems’ stock last closed at $140.32 on 1st April 2021. The stock was up 2.6% over the preceding 30 days but down 1.5% on a 1-year basis. Citrix Systems has gained 124% over a 5-year period which would represent a CAGR of over 17% a year.
