Citrix Systems CTXS recently introduced a new solution that will help employers to bring employees back to the workplace in a secure setting amid the ongoing COVID-19 pandemic.
The latest solution leverages Citrix’s expertise in delivering flexible work solutions and is built on Citrix’s Workspace offering. It will enable Citrix’s customers to manage vital tasks associated with re-opening offices like conducting employee readiness surveys, location mapping and contact tracing, among others.
The company has also rolled out a back-to-office resource center that can be accessed by customers for technology demonstrations as well as templates and best practice processes, including the ones used by Citrix.
As economies start to re-open and people start going back to work, companies will need to ensure safety of their employees. This is likely to drive adoption of Citrix’s latest offering and boost the top line in the days ahead. It is also expected to instill investors’ optimism in the stock.
Notably, shares have returned 28.7% on a year-to-date basis compared with the industry’s rally of 21.2%.
Citrix Systems, Inc. Price and Consensus
Citrix Systems, Inc. price-consensus-chart | Citrix Systems, Inc. Quote
Reopening Economies to Favor Adoption
The COVID-19 crisis has led to lockdowns worldwide, which led to a surge in work-from-home trends. Nevertheless, as businesses start to resume operations, precautionary measures are required to verify that workspace is safe for employees.
Per a survey led by OnePoll on behalf of Citrix, 64% of 2,000 U.S. office workers polled are apprehensive about returning to their workspace in spite of the easing out of shelter-in-place orders and rise in safety measures.
In this regard, the demand for a robust solution that helps manage all of the tasks associated with enhancing employee experience and well-being is likely to increase among employers looking to ensure a safer workspace.
As a result, Citrix’s latest solution is expected to witness robust traction in the upcoming quarters. Notably, the solution has already been adopted by the City National Bank of Florida (CNB) to manage safety protocols on a regular basis and instill optimism of employees and clients.
With the launch of the new solution, Citrix has joined a group of other tech companies that have announced similar solutions in recent times.
Recently, Hewlett Packard Enterprise HPE introduced five solutions to help organizations accelerate business recovery and seamlessly carry out reopening plans amid the COVID-19 outbreak. The solutions include social-distance tracing and tracking, touchless entry, fever detection as well as visual remote guidance, among others.
In May, Microsoft MSFT announced its collaboration with UnitedHealth Group. Per the deal, the parties will introduce ProtectWell Protocol and App. The ProtectWell framework, integrated with COVID-19 symptom screening capabilities, will help employers in bringing employees back to workplace in a secure setting.
ServiceNow NOW has also rolled out a four-app suite and dashboard designed to help organizations ensure the health and safety of customers and employees. Moreover, the company has signed a deal to acquire the 4Facility assets of App4Mation, to strengthen workplace services capabilities of the Now platform. The combined offerings will enable companies to plan and implement a phased return to company workplaces amid the COVID-19 pandemic.
Citrix, which currently carries a Zacks Rank #3 (Hold), is expected to benefit from its expertise in the workplace management solutions space. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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