Canaccord Genuity Reiterates “Buy” Rating for Oracle Corporation (ORCL)
Oracle Corporation (NYSE:ORCL)‘s stock had its “buy” rating restated by equities research analysts at Canaccord Genuity in a research report issued on Saturday. They presently have a $57.00 price target on the enterprise software provider’s stock, up from their previous price target of $56.00. Canaccord Genuity’s price objective would indicate a potential upside of 16.95% from the company’s previous close.
ORCL has been the subject of several other reports. Jefferies Group LLC lifted their price target on shares of Oracle Corporation from $60.00 to $61.00 and gave the company a “buy” rating in a report on Friday. Credit Suisse Group started coverage on shares of Oracle Corporation in a report on Tuesday, September 5th. They set an “outperform” rating and a $62.00 price target for the company. KeyCorp reissued a “buy” rating and set a $61.00 price target on shares of Oracle Corporation in a report on Tuesday, July 18th. BidaskClub raised shares of Oracle Corporation from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Mitsubishi UFJ Financial Group reissued a “buy” rating and set a $63.00 price target on shares of Oracle Corporation in a report on Friday. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirty-two have given a buy rating to the company’s stock. Oracle Corporation has a consensus rating of “Buy” and an average target price of $52.44.
Shares of Oracle Corporation (NYSE ORCL) opened at 48.74 on Friday. Oracle Corporation has a 12 month low of $37.62 and a 12 month high of $53.14. The company has a market cap of $201.62 billion, a P/E ratio of 22.05 and a beta of 1.05. The company’s 50 day moving average is $49.96 and its 200-day moving average is $46.98.
Oracle Corporation (NYSE:ORCL) last released its quarterly earnings data on Thursday, September 14th. The enterprise software provider reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.02. The company had revenue of $9.21 billion during the quarter, compared to the consensus estimate of $9.03 billion. Oracle Corporation had a net margin of 25.34% and a return on equity of 21.05%. The firm’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period last year, the firm earned $0.55 EPS. Analysts expect that Oracle Corporation will post $2.94 EPS for the current fiscal year.
In other Oracle Corporation news, insider Thomas Kurian sold 750,000 shares of Oracle Corporation stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $50.46, for a total value of $37,845,000.00. Following the transaction, the insider now owns 783,533 shares of the company’s stock, valued at $39,537,075.18. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael J. Boskin sold 150,000 shares of Oracle Corporation stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $50.69, for a total transaction of $7,603,500.00. Following the completion of the transaction, the director now directly owns 99,454 shares in the company, valued at approximately $5,041,323.26. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,817,500 shares of company stock worth $91,582,600. Insiders own 29.00% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Burgundy Asset Management Ltd. lifted its position in shares of Oracle Corporation by 1.0% in the second quarter. Burgundy Asset Management Ltd. now owns 6,086,871 shares of the enterprise software provider’s stock worth $305,196,000 after purchasing an additional 60,828 shares in the last quarter. Intl Fcstone Inc. bought a new stake in shares of Oracle Corporation in the second quarter worth $274,000. Lord Abbett & CO. LLC lifted its position in shares of Oracle Corporation by 26.8% in the second quarter. Lord Abbett & CO. LLC now owns 2,161,149 shares of the enterprise software provider’s stock worth $108,360,000 after purchasing an additional 456,231 shares in the last quarter. Farmers National Bank lifted its position in shares of Oracle Corporation by 8.9% in the second quarter. Farmers National Bank now owns 4,640 shares of the enterprise software provider’s stock worth $233,000 after purchasing an additional 380 shares in the last quarter. Finally, RNC Capital Management LLC lifted its position in shares of Oracle Corporation by 2.7% in the second quarter. RNC Capital Management LLC now owns 142,229 shares of the enterprise software provider’s stock worth $7,131,000 after purchasing an additional 3,708 shares in the last quarter. 58.67% of the stock is currently owned by hedge funds and other institutional investors.
Oracle Corporation Company Profile
Oracle Corporation (Oracle) provides products and services that address all aspects of corporate information technology (IT) environments, including application, platform and infrastructure. The Company’s businesses include cloud and on-premise software, hardware and services. Its cloud and on-premise software business consists of three segments, including cloud software and on-premise software, which includes Software as a Service (SaaS) and Platform as a Service (PaaS) offerings, cloud infrastructure as a service (IaaS) and software license updates and product support.
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