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Citrix (CTXS) to Work With Nexthink to Boost Hybrid Experience
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Citrix Systems is teaming up with Nexthink to combine automation, analytics and visibility across the Digital Employee Experience Management platform. This will enable business organizations, which are implementing Citrix secure remote work solutions, to cater to the evolving needs of employees amid hybrid work innovation and heightened cybersecurity requirements.
Nexthink specializes in providing digital employee experience management software. The company has more than 1000-strong clientele and helps to improve digital experiences for 13 million employees of its clients.
For Citrix, Nexthink will be the company’s one of the main vendors for the Digital Employee Experience Management and extend support to Citrix’s Desktop-as-a-service (DaaS) and Virtual Desktop Infrastructure (VDI) offerings. The integrations will help VDI operation and end-user computing teams to boost digital experience for their users.
The Citrix-Nexthink partnership will offer Citrix clients a simple and end-to-end solution to gauge employees’ digital experiences and chalk out apt flexible work policies.
Hybrid Work Fuels Demand for Digital Workspace Solutions
According to a MarketsAndMarkets report, the worldwide digital workspace market is expected to witness a CAGR of 21.3% between 2021 and 2026 and reach $72.2 billion. Digital workspace solutions are witnessing healthy momentum amid the continuation of work-from-home setup and the implementation of hybrid work strategies globally.
This bodes well for Citrix, which has a wide-ranging portfolio of digital workspace and security solutions, including Citrix Virtual Apps and Desktops, Citrix SD-WAN, Citrix Secure Workplace Access solutions, Citrix Endpoint Management and Citrix Secure Browser. The company already boasts a strong user base of more than 400,000 global business enterprises.
Wrike buyout is strengthening the company’s presence in the software as a service (SaaS)-based collaborative work management solutions space. In the last reported quarter, revenues from Wrike came in at $34 million. Citrix purchased Wrike for $2.25 in March 2021.
The remote work trend resulted in higher number of cyber-attacks, thereby necessitating the deployment of robust secure access solutions. In September 2021, the company introduced a cloud-powered solution — Citrix App Delivery and Security Service . The new offering is designed primarily to simplify and automate the process of app delivery like provisioning, on-boarding and management.
Citrix’s performance is being affected by a time-consuming business transition to a subscription-based model. The transition is exerting pressure on Product and License revenues as well as Support and Services revenues.
A highly-leveraged balance sheet is another concern for this Zacks Rank #3 (Hold) company. As of Sep 30, 2021, the company’s cash and cash equivalents and investments stood at $464 million. Long-term debt at the end of the quarter was $3.325 billion.
Earlier this year, the company announced that it was incorporating various changes to its sales organization as well as processes and go-to-market strategies in the second half of 2021 to drive its SaaS operations.
Given the ongoing transition to the cloud and negative impact from organizational changes, the company lowered its revenue outlook for the year. Revenues for 2021 are expected in the range of $3.19-$3.20 billion compared with the earlier guidance of $3.22 billion and $3.25 billion.
Higher investments toward product development, amid increasing competition from VMware's Workspace ONE, are likely to limit margin expansion at least in the near term.
In August 2021, VMWare rolled out new features to enable IT teams to manage VMware Horizon deployments across on-premises and cloud environments. VMware Horizon is a part of the company’s VMware Workspace ONE, which is a VDI and DaaS platform.
Image: Bigstock
Citrix (CTXS) to Work With Nexthink to Boost Hybrid Experience
Citrix Systems is teaming up with Nexthink to combine automation, analytics and visibility across the Digital Employee Experience Management platform. This will enable business organizations, which are implementing Citrix secure remote work solutions, to cater to the evolving needs of employees amid hybrid work innovation and heightened cybersecurity requirements.
Nexthink specializes in providing digital employee experience management software. The company has more than 1000-strong clientele and helps to improve digital experiences for 13 million employees of its clients.
For Citrix, Nexthink will be the company’s one of the main vendors for the Digital Employee Experience Management and extend support to Citrix’s Desktop-as-a-service (DaaS) and Virtual Desktop Infrastructure (VDI) offerings. The integrations will help VDI operation and end-user computing teams to boost digital experience for their users.
The Citrix-Nexthink partnership will offer Citrix clients a simple and end-to-end solution to gauge employees’ digital experiences and chalk out apt flexible work policies.
Citrix Systems, Inc. Price and Consensus
Citrix Systems, Inc. price-consensus-chart | Citrix Systems, Inc. Quote
Hybrid Work Fuels Demand for Digital Workspace Solutions
According to a MarketsAndMarkets report, the worldwide digital workspace market is expected to witness a CAGR of 21.3% between 2021 and 2026 and reach $72.2 billion. Digital workspace solutions are witnessing healthy momentum amid the continuation of work-from-home setup and the implementation of hybrid work strategies globally.
This bodes well for Citrix, which has a wide-ranging portfolio of digital workspace and security solutions, including Citrix Virtual Apps and Desktops, Citrix SD-WAN, Citrix Secure Workplace Access solutions, Citrix Endpoint Management and Citrix Secure Browser. The company already boasts a strong user base of more than 400,000 global business enterprises.
Wrike buyout is strengthening the company’s presence in the software as a service (SaaS)-based collaborative work management solutions space. In the last reported quarter, revenues from Wrike came in at $34 million. Citrix purchased Wrike for $2.25 in March 2021.
The remote work trend resulted in higher number of cyber-attacks, thereby necessitating the deployment of robust secure access solutions. In September 2021, the company introduced a cloud-powered solution — Citrix App Delivery and Security Service . The new offering is designed primarily to simplify and automate the process of app delivery like provisioning, on-boarding and management.
Citrix’s performance is being affected by a time-consuming business transition to a subscription-based model. The transition is exerting pressure on Product and License revenues as well as Support and Services revenues.
A highly-leveraged balance sheet is another concern for this Zacks Rank #3 (Hold) company. As of Sep 30, 2021, the company’s cash and cash equivalents and investments stood at $464 million. Long-term debt at the end of the quarter was $3.325 billion.
Earlier this year, the company announced that it was incorporating various changes to its sales organization as well as processes and go-to-market strategies in the second half of 2021 to drive its SaaS operations.
Given the ongoing transition to the cloud and negative impact from organizational changes, the company lowered its revenue outlook for the year. Revenues for 2021 are expected in the range of $3.19-$3.20 billion compared with the earlier guidance of $3.22 billion and $3.25 billion.
Higher investments toward product development, amid increasing competition from VMware's Workspace ONE, are likely to limit margin expansion at least in the near term.
In August 2021, VMWare rolled out new features to enable IT teams to manage VMware Horizon deployments across on-premises and cloud environments. VMware Horizon is a part of the company’s VMware Workspace ONE, which is a VDI and DaaS platform.
Stocks to Consider
Some better-ranked stocks in the broader technology sector include ON Semiconductor (ON - Free Report) and PTC (PTC - Free Report) . Both the stocks carry a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Long-term earnings growth rate of ON Semiconductor and PTC is pegged at 53.9% and 13.7%, respectively.
In the past year, shares of ON Semiconductor have increased 48.7% compared with Zacks Semiconductor-Analog and Mixed industry’s growth of 125.1%.
Shares of PTC have returned 24.9% in the past year compared with Zacks Computer Software industry’s gain of 50.7%.