Investment analysts at Citigroup (NYSE: C) increased their target price on shares of Oracle (NASDAQ: ORCL) from $32.00 to $34.00 in a note issued to investors on Monday.
The analysts wrote, “ORCL has underperformed software peers since the Nov quarter earnings report by over 14%. The most significant risk in our view to the long-term story is the potential for SaaS to eat into Oracle’s applications revenue. In parallel, Oracle is early in its Fusion applications release, which is likely causing some stall today, but could build apps momentum as the offering matures.”
Shares of Oracle traded up 0.55% during mid-day trading on Monday, hitting $29.40. Oracle has a 52 week low of $24.72 and a 52 week high of $36.50. The company has a market cap of $146.3 billion and a P/E ratio of 15.32.
The company last announced its quarterly results on Tuesday, March 20th. It reported $0.62 earnings per share (EPS) for the previous quarter, beating the Thomson Reuters consensus estimate of $0.56 EPS by $0.06. The company’s quarterly revenue was up 3.4% on a year-over-year basis. On average, analysts predict that Oracle will post $0.53 earnings per share next quarter.
Several other analysts have also recently commented on the stock. Analysts at CL King initiated coverage on shares of Oracle in a research note to investors on Friday, March 30th. They set a “neutral” rating on the stock. Separately, analysts at Deutsche Bank (NYSE: DB) cut their price target on shares of Oracle from $29.00 to $28.00 in a research note to investors on Wednesday, March 21st. Finally, analysts at UBS AG (NYSE: UBS) raised their price target on shares of Oracle from $34.00 to $36.00 in a research note to investors on Wednesday, March 21st. They now have a “buy” rating on the stock.
Oracle Corporation, incorporated in 2005, is an enterprise software company. The Company develops, manufactures, markets, distributes and services database and middleware software, applications software and hardware systems, consisting primarily of computer server and storage products.