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Oracle Share Price Targets (NYSE:ORCL) Gets A Bullish Upgrade By Most

Analyst Team trader
Updated 13 Mar 2024

Oracle Corporation (NYSE: ORCL), a leading global provider of enterprise cloud computing and software services, has soared by more than 11% to close out Tuesday, and has recently been the beneficiary of analyst ratings upgrades.

The upgrade comes at a point where various financial analysts have presented differing ratings and target prices for Oracle. However, the consensus target price stands at a significant $124.07 (street high price target of $147), reflecting a generally positive outlook on the stock's potential to generate returns.

Of the many analyst forecast changes on the day, the below are worth looking at for context:

  • Evercore ISI (Kirk Materne) keep an Outperform, raising the PT from $130 to $145.
  • Morgan Stanley Raises to $115 from $106
  • Stifel Raises to $120 from $100
  • BMO Capital Raises to $142 from $126
  • TD Cohen from $130 to $145
  • Jefferies Raise to $150 from $145
  • One of a few not to raise on the day was DA Davidson – remaining Neutral with $105 price target.
    Whilst Oracle Cloud Infrastructure saw “strong” growth with record remaining performance obligations attributed to new cloud infrastructure contracts in the quarter, the analyst tells investors in a research note. The firm adds however that while the commentary around Oracle Cloud Infrastructure demand was positive, the firm prefers to see further evidence that Oracle can achieve its “ambitious” FY26 goals organically.

Investors and market watchers are particularly attuned to Oracle's stock performance over the year, noting that it has seen a 52-week low of $82.04 and a peak of $129.37. This fluctuation represents the volatility and opportunity within the tech stock sector, where Oracle remains a formidable player.

Adding to the positive sentiment, Oracle reported robust earnings for the quarter with a figure of $1.41 per share, surpassing the estimated value by $0.04. This beat on earnings estimates underscores Oracle's ability to outperform market expectations and maintain a trajectory of growth, even as the tech sector experiences wide-ranging challenges.

However, a notable transaction in the insider trading space was recorded as Director Naomi O. Seligman sold 16,300 shares of Oracle at an average price of $106.02. Insider sales often draw attention from investors as they attempt to interpret the actions of company executives and directors in the context of their understanding of company performance and future prospects.

Further immersing institutional investors into the Oracle narrative is the ownership rate of Oracle stock. It's reported that institutions own 42.8% of the company's stock, a testament to the confidence that these large investors have placed in the tech giant. Up until the end of 2023, Vanguard are the largest of the institutional owners with almost 150million ORCL shares, after adding more than 2.4million through the period.

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The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.