Citrix Systems, Inc. CTXS recently announced that its Virtual Apps and Desktops have been deployed by Jordan Kuwait Bank (or JKB) across its branches in Jordan and Cyprus.
The company’s remote work solutions are enabling JKB employees to seamlessly deliver financial services and aid clients to administer crucial imports amid countrywide lockdowns.
Moreover, Citrix Application Delivery Controller (ADC) infrastructure is allowing the functioning of Virtual Apps and Desktops in a secure manner and supporting JKB’s customer base.
JKB’s IT team is leveraging Citrix’s solutions to offer on-demand apps and desktops to any required device and facilitate the new normal methods of remote work.
Citrix’s comprehensive digital workspace solutions enables enterprises to boost business productivity amid coronavirus crisis-triggered work-from-home trends.
Expanding international clientele is expected to drive revenues in the quarters ahead and boost investor optimism in the stock.
Notably, shares of Citrix have gained 26.4% year to date, outperforming the industry’s rally of 15.2%.
Growth Prospects Abound
Enterprises are increasingly adopting digital transformation techniques to automate and accelerate business processes with primary focus on enhancing unified workspace productivity and engagement.
Ongoing work-from-home trends rise in smartphone penetration and increasing number of mobile workers are fueling the demand for efficient workspace collaboration solutions.
Rise in utilization of AI and machine learning (ML) in the communications vertical has paved the way for team collaboration. This, in turn, is facilitating interaction between machines and humans. The infusion of AI within virtual assistants and chat bots, replacing enterprise voice calls, is exemplary in this regard.
Solid adoption of cloud-based services, increasing proliferation of IoT, AR/VR devices and accelerated deployment of 5G are expected to be tailwinds.
Citrix’s Efforts to Capitalize on Growth Prospects Bode Well
Citrix is leaving no stone unturned to capitalize on evolving workspace demands for seamless enterprise workspace productivity tools.
The company recently announced extension of its Remote PC Access solution to the cloud and can be availed as part of Citrix Desktop Essentials and Citrix Desktop Service. It has also introduced Citrix Analytics for Performance with an aim to aid IT administrators to assess and address system performance concerns to boost employee efficiency.
Moreover, the company recently collaborated with Check Point Software Technologies CHKP, a notable cybersecurity company, in a bid to roll out additional next-gen firewalls within Citrix SD-WAN to empower customers with robust security capabilities.
Notably, Citrix is gaining from solid adoption of unified workspace solutions and hybrid cloud offerings. Furthermore, traction witnessed by ShareFile deserves a special mention.
Citrix’s latest digital workspace solutions are witnessing increasing adoption, among companies including William Fry, Renasant Bank, to name a few. Moreover, IDC has placed it in the leader's quadrant in its latest report titled “IDC MarketScape: Worldwide Virtual Client Computing 2019-2020 Vendor Assessment." This is a testament to the growing clout of the company’s solutions in virtual client computing solutions space.
Additionally, acquisitions of Cedexis and Sapho remain noteworthy. The buyouts are expected to aid Citrix in enhancing Workspace suite with guided work capabilities and traffic management functionalities.
Zacks Rank & Key Picks
Citrix currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology sector include Dropbox, Inc. DBX and Chegg, Inc. CHGG. Both stocks 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 rate for Dropbox and Chegg is currently pegged at 32.5% and 30%, respectively.
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