Should You Now Consider Selling Your Citrix Systems (CTXS) Position?

ClearBridge Investments, an investment management firm, published its “Mid Cap Growth Strategy” third quarter 2021 investor letter – a copy of which can be downloaded here. During the third quarter, the ClearBridge Mid Cap Growth Strategy outperformed the benchmark Russell Midcap Growth Index. On an absolute basis, the Strategy had gains across seven of the 10 sectors in which it was invested during the quarter (out of 11 sectors total), with the IT and health care sectors the leading contributors. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.

ClearBridge Mid Cap Growth Strategy, in its Q3 2021 investor letter, mentioned Citrix Systems, Inc. (NASDAQ: CTXS) and discussed its stance on the firm. Citrix Systems, Inc. is a Fort Lauderdale, Florida-based cloud computing company with a $12.3 billion market capitalization. CTXS delivered a 5.05% return since the beginning of the year, while its 12-month returns are down by -22.14%. The stock closed at $99.37 per share on January 04, 2022.

Here is what ClearBridge Mid Cap Growth Strategy has to say about Citrix Systems, Inc.  in its Q3 2021 investor letter:

“When we notice a meaningful slowdown due to growing competitive threats or our thesis has not played out as expected, we remain disciplined in acting. These concerns motivated our sale of Citrix Systems, which is experiencing complications in transitioning its business model to the cloud while a reorganization of its sales force is pushing out financial targets; as well as a small position in technology-driven real estate brokerage Compass.”

Based on our calculations, Citrix Systems, Inc. (NASDAQ: CTXS) was not able to clinch a spot in our list of the 30 Most Popular Stocks Among Hedge Funds. CTXS was in 24 hedge fund portfolios at the end of the third quarter of 2021, compared to 23 funds in the previous quarter. Citrix Systems, Inc. (NASDAQ: CTXS) delivered a -6.67% return in the past 3 months.

In November 2021, we published an article that includes CTXS in the 10 Remote Work Stocks to Buy Now. You can find more than 100 investor letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q3 page.

Disclosure: None. This article is originally published at Insider Monkey.