Intrinsic value of Citrix Systems - CTXS

Previous Close

$110.44

  Intrinsic Value

$91.97

stock screener

  Rating & Target

hold

-17%

Previous close

$110.44

 
Intrinsic value

$91.97

 
Up/down potential

-17%

 
Rating

hold

We calculate the intrinsic value of CTXS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 15.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
Revenue, $m
  3,025
  3,234
  3,450
  3,676
  3,910
  4,154
  4,408
  4,673
  4,949
  5,236
  5,537
  5,850
  6,177
  6,519
  6,876
  7,250
  7,640
  8,049
  8,477
  8,925
  9,394
  9,885
  10,400
  10,939
  11,505
  12,097
  12,719
  13,370
  14,053
  14,770
Variable operating expenses, $m
  2,393
  2,545
  2,704
  2,869
  3,041
  3,220
  3,406
  3,600
  3,802
  4,013
  4,057
  4,287
  4,527
  4,777
  5,039
  5,313
  5,599
  5,899
  6,212
  6,540
  6,884
  7,244
  7,621
  8,017
  8,431
  8,865
  9,320
  9,798
  10,298
  10,824
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,393
  2,545
  2,704
  2,869
  3,041
  3,220
  3,406
  3,600
  3,802
  4,013
  4,057
  4,287
  4,527
  4,777
  5,039
  5,313
  5,599
  5,899
  6,212
  6,540
  6,884
  7,244
  7,621
  8,017
  8,431
  8,865
  9,320
  9,798
  10,298
  10,824
Operating income, $m
  633
  688
  746
  806
  869
  934
  1,002
  1,073
  1,147
  1,223
  1,479
  1,563
  1,650
  1,742
  1,837
  1,937
  2,041
  2,151
  2,265
  2,385
  2,510
  2,641
  2,779
  2,923
  3,074
  3,232
  3,398
  3,572
  3,755
  3,946
EBITDA, $m
  910
  973
  1,038
  1,106
  1,177
  1,250
  1,327
  1,406
  1,489
  1,576
  1,666
  1,761
  1,859
  1,962
  2,069
  2,182
  2,300
  2,423
  2,551
  2,686
  2,827
  2,975
  3,130
  3,292
  3,462
  3,641
  3,828
  4,024
  4,230
  4,445
Interest expense (income), $m
  8
  115
  134
  153
  173
  194
  215
  238
  261
  286
  311
  338
  366
  394
  425
  456
  489
  524
  560
  598
  637
  678
  722
  767
  815
  864
  917
  971
  1,029
  1,089
  1,152
Earnings before tax, $m
  518
  555
  593
  634
  675
  719
  764
  812
  861
  912
  1,142
  1,198
  1,256
  1,317
  1,381
  1,448
  1,518
  1,591
  1,667
  1,748
  1,832
  1,919
  2,012
  2,108
  2,209
  2,316
  2,427
  2,543
  2,666
  2,794
Tax expense, $m
  140
  150
  160
  171
  182
  194
  206
  219
  232
  246
  308
  323
  339
  356
  373
  391
  410
  430
  450
  472
  495
  518
  543
  569
  597
  625
  655
  687
  720
  754
Net income, $m
  378
  405
  433
  463
  493
  525
  558
  592
  628
  666
  833
  874
  917
  961
  1,008
  1,057
  1,108
  1,161
  1,217
  1,276
  1,337
  1,401
  1,468
  1,539
  1,613
  1,690
  1,772
  1,857
  1,946
  2,040

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,174
  6,599
  7,042
  7,501
  7,980
  8,478
  8,996
  9,536
  10,100
  10,687
  11,299
  11,939
  12,606
  13,304
  14,033
  14,795
  15,593
  16,427
  17,300
  18,214
  19,172
  20,174
  21,225
  22,325
  23,479
  24,688
  25,956
  27,286
  28,680
  30,142
Adjusted assets (=assets-cash), $m
  6,174
  6,599
  7,042
  7,501
  7,980
  8,478
  8,996
  9,536
  10,100
  10,687
  11,299
  11,939
  12,606
  13,304
  14,033
  14,795
  15,593
  16,427
  17,300
  18,214
  19,172
  20,174
  21,225
  22,325
  23,479
  24,688
  25,956
  27,286
  28,680
  30,142
Revenue / Adjusted assets
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
Average production assets, $m
  1,216
  1,300
  1,387
  1,478
  1,572
  1,670
  1,772
  1,878
  1,989
  2,105
  2,226
  2,352
  2,483
  2,621
  2,764
  2,914
  3,071
  3,236
  3,408
  3,588
  3,776
  3,974
  4,181
  4,398
  4,625
  4,863
  5,113
  5,375
  5,649
  5,937
Working capital, $m
  -871
  -931
  -994
  -1,059
  -1,126
  -1,196
  -1,270
  -1,346
  -1,425
  -1,508
  -1,595
  -1,685
  -1,779
  -1,877
  -1,980
  -2,088
  -2,200
  -2,318
  -2,441
  -2,570
  -2,705
  -2,847
  -2,995
  -3,151
  -3,313
  -3,484
  -3,663
  -3,851
  -4,047
  -4,254
Total debt, $m
  2,474
  2,830
  3,201
  3,586
  3,987
  4,404
  4,839
  5,291
  5,763
  6,255
  6,769
  7,304
  7,864
  8,449
  9,060
  9,698
  10,367
  11,066
  11,797
  12,563
  13,366
  14,206
  15,086
  16,008
  16,975
  17,989
  19,051
  20,165
  21,334
  22,559
Total liabilities, $m
  5,174
  5,530
  5,901
  6,286
  6,687
  7,104
  7,539
  7,992
  8,463
  8,955
  9,469
  10,005
  10,564
  11,149
  11,760
  12,399
  13,067
  13,766
  14,498
  15,264
  16,066
  16,906
  17,786
  18,709
  19,675
  20,689
  21,751
  22,865
  24,034
  25,259
Total equity, $m
  1,000
  1,069
  1,141
  1,215
  1,293
  1,373
  1,457
  1,545
  1,636
  1,731
  1,830
  1,934
  2,042
  2,155
  2,273
  2,397
  2,526
  2,661
  2,803
  2,951
  3,106
  3,268
  3,438
  3,617
  3,804
  4,000
  4,205
  4,420
  4,646
  4,883
Total liabilities and equity, $m
  6,174
  6,599
  7,042
  7,501
  7,980
  8,477
  8,996
  9,537
  10,099
  10,686
  11,299
  11,939
  12,606
  13,304
  14,033
  14,796
  15,593
  16,427
  17,301
  18,215
  19,172
  20,174
  21,224
  22,326
  23,479
  24,689
  25,956
  27,285
  28,680
  30,142
Debt-to-equity ratio
  2.470
  2.650
  2.810
  2.950
  3.080
  3.210
  3.320
  3.430
  3.520
  3.610
  3.700
  3.780
  3.850
  3.920
  3.990
  4.050
  4.100
  4.160
  4.210
  4.260
  4.300
  4.350
  4.390
  4.430
  4.460
  4.500
  4.530
  4.560
  4.590
  4.620
Adjusted equity ratio
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  378
  405
  433
  463
  493
  525
  558
  592
  628
  666
  833
  874
  917
  961
  1,008
  1,057
  1,108
  1,161
  1,217
  1,276
  1,337
  1,401
  1,468
  1,539
  1,613
  1,690
  1,772
  1,857
  1,946
  2,040
Depreciation, amort., depletion, $m
  278
  285
  292
  300
  308
  316
  325
  334
  343
  353
  187
  198
  209
  220
  232
  245
  258
  272
  286
  302
  317
  334
  351
  370
  389
  409
  430
  452
  475
  499
Funds from operations, $m
  656
  690
  725
  762
  801
  841
  883
  926
  971
  1,018
  1,020
  1,072
  1,126
  1,182
  1,240
  1,302
  1,366
  1,433
  1,504
  1,577
  1,654
  1,735
  1,820
  1,909
  2,002
  2,099
  2,201
  2,308
  2,421
  2,539
Change in working capital, $m
  -58
  -60
  -62
  -65
  -68
  -70
  -73
  -76
  -79
  -83
  -86
  -90
  -94
  -98
  -103
  -108
  -113
  -118
  -123
  -129
  -135
  -141
  -148
  -155
  -163
  -171
  -179
  -188
  -197
  -206
Cash from operations, $m
  714
  750
  788
  827
  868
  911
  956
  1,002
  1,051
  1,101
  1,107
  1,162
  1,220
  1,280
  1,343
  1,409
  1,479
  1,551
  1,627
  1,706
  1,789
  1,877
  1,968
  2,064
  2,164
  2,270
  2,380
  2,496
  2,618
  2,745
Maintenance CAPEX, $m
  -95
  -102
  -109
  -117
  -124
  -132
  -140
  -149
  -158
  -167
  -177
  -187
  -198
  -209
  -220
  -232
  -245
  -258
  -272
  -286
  -302
  -317
  -334
  -351
  -370
  -389
  -409
  -430
  -452
  -475
New CAPEX, $m
  -80
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -111
  -116
  -121
  -126
  -132
  -137
  -144
  -150
  -157
  -164
  -172
  -180
  -189
  -197
  -207
  -217
  -227
  -238
  -250
  -262
  -275
  -288
Cash from investing activities, $m
  -175
  -186
  -196
  -208
  -218
  -230
  -242
  -255
  -269
  -283
  -298
  -313
  -330
  -346
  -364
  -382
  -402
  -422
  -444
  -466
  -491
  -514
  -541
  -568
  -597
  -627
  -659
  -692
  -727
  -763
Free cash flow, $m
  538
  564
  591
  620
  650
  681
  713
  747
  782
  818
  809
  849
  891
  934
  979
  1,027
  1,077
  1,129
  1,183
  1,240
  1,299
  1,362
  1,427
  1,496
  1,568
  1,643
  1,722
  1,804
  1,891
  1,982
Issuance/(repayment) of debt, $m
  346
  356
  371
  385
  401
  417
  435
  453
  472
  492
  513
  536
  560
  585
  611
  639
  668
  699
  732
  766
  802
  840
  880
  922
  967
  1,013
  1,063
  1,114
  1,168
  1,225
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  346
  356
  371
  385
  401
  417
  435
  453
  472
  492
  513
  536
  560
  585
  611
  639
  668
  699
  732
  766
  802
  840
  880
  922
  967
  1,013
  1,063
  1,114
  1,168
  1,225
Total cash flow (excl. dividends), $m
  884
  920
  962
  1,005
  1,051
  1,098
  1,148
  1,200
  1,254
  1,311
  1,323
  1,385
  1,450
  1,519
  1,590
  1,666
  1,745
  1,828
  1,915
  2,006
  2,102
  2,202
  2,307
  2,418
  2,534
  2,656
  2,784
  2,919
  3,060
  3,208
Retained Cash Flow (-), $m
  -68
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -104
  -108
  -113
  -118
  -123
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -178
  -187
  -196
  -205
  -215
  -226
  -237
Prev. year cash balance distribution, $m
  61
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  877
  851
  890
  931
  973
  1,018
  1,064
  1,112
  1,163
  1,215
  1,223
  1,281
  1,342
  1,406
  1,472
  1,542
  1,616
  1,692
  1,773
  1,858
  1,946
  2,040
  2,137
  2,240
  2,347
  2,460
  2,579
  2,703
  2,834
  2,971
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  841
  779
  775
  767
  754
  738
  719
  695
  668
  637
  581
  547
  510
  472
  432
  392
  352
  312
  273
  236
  201
  169
  140
  114
  91
  72
  55
  42
  31
  22
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Citrix Systems, Inc. offers Enterprise and Service Provider products, which include Workspace Services solutions and Delivery Networking products. The Company's Enterprise and Service Provider products include Cloud Services solutions, and related license updates and maintenance, support and professional services. The Company's NetScaler nCore Technology is an architecture that enables execution of multiple packet engines in parallel. The Company's workspace services include Application Virtualization and virtual desktop infrastructure (VDI), Enterprise Mobility Management and Citrix Workspace Suite. The Company's NetScaler ADC is a software-defined application delivery controller (ADC) and load balancer. The Company's Cloud Services include ShareFile and Citrix Cloud. It provides various ways for customers to receive upgrades, support and maintenance for products, which include Software Maintenance, Subscription Advantage, Technical Support Services and Hardware Maintenance.

FINANCIAL RATIOS  of  Citrix Systems (CTXS)

Valuation Ratios
P/E Ratio 32.2
Price to Sales 5.1
Price to Book 6.6
Price to Tangible Book
Price to Cash Flow 15.5
Price to Free Cash Flow 18.1
Growth Rates
Sales Growth Rate 4.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6.4%
Cap. Spend. - 3 Yr. Gr. Rate -1.7%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 3.1%
Total Debt to Equity 54.7%
Interest Coverage 78
Management Effectiveness
Return On Assets 9.2%
Ret/ On Assets - 3 Yr. Avg. 6.6%
Return On Total Capital 14.6%
Ret/ On T. Cap. - 3 Yr. Avg. 10.5%
Return On Equity 23.4%
Return On Equity - 3 Yr. Avg. 16%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 83.7%
Gross Margin - 3 Yr. Avg. 81.7%
EBITDA Margin 25.6%
EBITDA Margin - 3 Yr. Avg. 22.3%
Operating Margin 19%
Oper. Margin - 3 Yr. Avg. 13.1%
Pre-Tax Margin 18.1%
Pre-Tax Margin - 3 Yr. Avg. 12.1%
Net Profit Margin 15.7%
Net Profit Margin - 3 Yr. Avg. 11.1%
Effective Tax Rate 13.1%
Eff/ Tax Rate - 3 Yr. Avg. 6.5%
Payout Ratio 0%

CTXS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CTXS stock intrinsic value calculation we used $2824.686 million for the last fiscal year's total revenue generated by Citrix Systems. The default revenue input number comes from 0001 income statement of Citrix Systems. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CTXS stock valuation model: a) initial revenue growth rate of 7.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CTXS is calculated based on our internal credit rating of Citrix Systems, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Citrix Systems.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CTXS stock the variable cost ratio is equal to 79.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CTXS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Citrix Systems.

Corporate tax rate of 27% is the nominal tax rate for Citrix Systems. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CTXS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CTXS are equal to 40.2%.

Life of production assets of 11.9 years is the average useful life of capital assets used in Citrix Systems operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CTXS is equal to -28.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $992.461 million for Citrix Systems - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 135.525 million for Citrix Systems is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Citrix Systems at the current share price and the inputted number of shares is $15.0 billion.

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COMPANY NEWS

▶ Tech Stocks Will Get Big Boost From Buybacks: Goldman   [Aug-09-18 08:00AM  Investopedia]
▶ Citrix shares rise 4% on quarterly earnings beat   [Jul-25-18 04:51PM  MarketWatch]
▶ Citrix: 2Q Earnings Snapshot   [04:24PM  Associated Press]
▶ Earnings Outlook For Citrix Systems   [08:08AM  Benzinga]
▶ DigitalOcean taps Citrix Systems vet to be new CEO   [11:03AM  American City Business Journals]
▶ 5 Top Liquid Stocks for a Winning Portfolio   [Jun-18-18 11:48AM  InvestorPlace]
▶ Citrix Systems appoints Kilcoyne to board of directors   [Jun-11-18 11:47AM  American City Business Journals]
▶ Benzinga's Top Analyst Calls From May 1, 2018   [May-01-18 02:31PM  Benzinga]
▶ Citrix Rises On Revenue Beat As Subscription Services Gain Traction   [Apr-26-18 04:26PM  Investor's Business Daily]
▶ Citrix stock gains after earnings beat by a wide margin   [Apr-25-18 04:37PM  MarketWatch]
▶ Citrix: 1Q Earnings Snapshot   [04:28PM  Associated Press]
▶ Morphisec Joins Citrix Ready Partner Program   [08:00AM  Business Wire]
▶ Edited Transcript of CTXS presentation 6-Mar-17 1:05pm GMT   [Apr-10-18 03:18PM  Thomson Reuters StreetEvents]
▶ LogMeIn Names Sara Andrews to Board of Directors   [Apr-09-18 08:00AM  GlobeNewswire]
▶ These Silicon Valley tech companies are seeking fresh talent on the Emerald Isle   [Mar-16-18 05:24PM  American City Business Journals]
▶ Microsoft, YY, Intel Lead Five Top Techs Setting Up, But Don't Buy Them Yet   [Mar-05-18 04:11PM  Investor's Business Daily]
▶ Citrix will bring more than $2B in overseas profits back to US under Trump tax plan   [Feb-20-18 04:40PM  American City Business Journals]

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