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Citrix (CTXS) Workspace Solutions Adopted by Hollands Kroon

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Citrix Systems’ CTXS digital workspace solutions are witnessing healthy momentum amid the continuation of work-from-home setup globally.

Recently, the company’s workspace solutions were leveraged by Netherlands’ municipality — Hollands Kroon — to provide its workforce with all the necessary tools and resources to get the work done from anywhere and boost their productivity levels. Hollands Kroon was assisted by RawWorks in deploying Citrix digital workspace solutions.

Hollands Kroon has extended its employees a “self-service access” to support services by utilizing the microapp functionalities offered by Citrix’s workspace solutions. This has resulted in the reduction of the IT administration’s burden and is enabling them to put emphasis on more important system issues, noted Citrix.

Amid a radical shift to remote work setup, there have been increasing instances of cybersecurity attacks. Citrix workspace solutions enable clients to safeguard classified data and personal information across all devices and locations.

Citrix Systems, Inc. Price and Consensus

Citrix Systems, Inc. Price and Consensus
Citrix Systems, Inc. Price and Consensus

Citrix Systems, Inc. price-consensus-chart | Citrix Systems, Inc. Quote

Adoption of Hybrid Model Bodes Well for Citrix

Citrix’s wide-ranging workspace solutions portfolio is likely to witness steady momentum as global business enterprises work on adopting a distributed work model. This is expected to drive the demand for digital workspace solutions, even in a post-pandemic world.

More than 90% of the professionals (millennial and Generation Z) surveyed backed a hybrid/flexible work set up while 82% of employers polled were keen on adapting a hybrid work model to cater to the needs of their employees, per a recent research report from Citrix.

Per the report, the trends also suggest that the work-from-home setup will be mostly adopted for carrying out activities, which do not require any joint effort. Offices will be intended mainly for team collaborations as well as connection and innovation going ahead.

The evolving workplace trends bode well for Citrix. The company boasts a robust clientele base of more than 400,000 global business enterprises. These enterprises leverage the company’s comprehensive portfolio of digital workspace and security solutions, including Citrix SD-WAN, Citrix Secure Workplace Access solutions, Citrix Virtual Apps and Desktops, Citrix Endpoint Management, and Citrix Secure Browser.

The purchase of Wrike is also expected to strengthen the company’s presence in the software as a service (SaaS)-based collaborative work management solutions’ space. Citrix purchased Wrike for $2.25 billion to bolster its unified digital workspace solutions’ portfolio in March 2021.

Recently, Citrix revealed that Iceland-based Össur was deploying its digital workspace offerings and secure access solutions to set up a nimble digital work platform and Zero Trust-based security framework. Prior to that, Denmark-based Albertslund Municipality utilizing Citrix Workspace solutions, including Citrix Analytics for Performance, to deliver a smooth remote work experience for its workforce amid the pandemic.

Headwinds Persist

The shift toward software-based solutions from traditional hardware is likely to hurt App Delivery and Security revenues going ahead. Declining Professional Services revenues is an overhang.

Also, higher investments toward product development amid increasing competition from Amazon’s AMZN WorkSpaces, and VMware's Workspace ONE and Horizon are likely to limit margin expansion, at least in the near term. A highly leveraged balance sheet is an added concern.

In the past year, shares of Citrix, which currently carries a Zacks Rank #3 (Hold), have declined 23.2% against the industry’s growth of 30.8%.

Stock to Consider

Some better-ranked stocks in the broader technology sector are Intuit INTU and Synopsys SNPS. Both companies sport a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The long-term earnings growth rates for Intuit and Synopsys are currently pegged at 14.8% and 14.7%, respectively.

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