Why Citrix Systems Shares Failed To Impress Markets?

Software maker Citrix Systems Inc CTXS shockingly emerged as the biggest S&P 500 loser despite the pandemic triggered lockdown, Bloomberg reports.
The stock recently got a shot in the arm on activist hedge fund Elliott Management Corp's involvement. The S&P 500 has doubled since it bottomed out on March 23, 2020. Citrix, on the other hand, has lost about 11%.
Citrix surged in Q1 FY20 aided by the pandemic but failed to sustain the momentum.
Barclays downgraded its rating following Q2 miss and weaker Q3 outlook citing "a longer and more complex transition" to the "software-as-a-service" model. Morgan Stanley, RBC Capital, slashed their price targets on the stock. The stock has lost 16.8% year-to-date.
Contrastingly, e-commerce company Etsy Inc ETSY and pool supplies distributor Pool Corp POOL have notched triple-digit gains since the S&P 500's bottom. While video game company Take-Two Interactive Software Inc TTWO gained just 40%, underperforming the index.
Morningstar analyst Dan Romanoff believes Citrix still makes a product that solves a business problem for many consumers and is looking forward to the October analyst meet for more details around its longer-term model.
Price Action: CTXS shares traded lower by 0.49% at $107.77 on the last check Friday.