Citrix’s 2Q Reflects Our Long-Term Thesis; Maintaining $64 FVE
Citrix’s second-quarter results were in line with our expectations, as the company’s ability to sell new software licenses continues to wane. While management is still touting the firm’s progress in the cloud, cloud-based revenue remains a minimal portion of the firm’s top line. Although we expect Citrix will have some success in a cloud-first world, we generally believe that the firm’s product portfolio is in a somewhat precarious position. We retain our narrow moat and negative moat trend rati...Citrix Systems is an enterprise software company. The company markets and licenses its solutions through multiple channels worldwide, including selling through resellers, direct and over the Web. The company's partner community comprises thousands of value-added resellers known as Citrix Solution Advisors, value-added distributors, systems integrators, independent software vendors, original equipment manufacturers and Citrix Service Providers. The company provides solutions and services that it categorizes into three inter-related and complementary areas: Workspace, Networking and Professional Services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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