Oracle Corporation (NYSE:ORCL) shares are trading higher following better-than-expected first-quarter financial results.
Oracle reported first-quarter earnings of $1.39 per share, which beat the consensus of $1.32 and revenue of $13.307 billion, exceeding the consensus estimate of $13.231 billion.
Several analysts raised their price targets on the stock. Maintaining a Neutral rating, B of A Securities boosted the price target to $175 from $155. Also, Morgan Stanley raised the price target to $145 from $125 and reiterated an Equal-Weight rating. Also, JPM Securities upgraded the company to Market Outperform from Market Perform.
Also Read: Oracle Analysts Focus On AI-Driven Bookings Strength, Expect Revenue Acceleration To Continue
Today, the company announced several new partnerships with various companies.
Clayton, a national builder of single-family attainable housing, will streamline its business processes through the Oracle Fusion Cloud Applications Suite.
Moreover, Evidium, a healthcare AI startup focused on reliability, transparency, and safety, will power its referenced healthcare AI platform through Oracle Cloud Infrastructure (OCI).
Additionally, Oracle was selected by Modal Labs, a serverless platform for AI, ML, and data developers, to offer faster and more cost-efficient inferencing, fine-tuning, and batch processing.
Apart from this, Oracle partnered with Guardian Life to streamline its finance operations using Oracle Fusion Cloud ERP. The implementation has increased productivity, reduced costs, and improved decision-making through AI innovations.
Also, Oracle teamed up with Anduril to deploy Anduril's Lattice C2 platform on OCI and OCI Roving Edge Infrastructure. Oracle collaborated with RAFAEL to enhance combat solutions, enabling faster decision-making during mission-critical scenarios.
On Monday, Oracle and AWS launched Oracle Database@AWS to provide customers with a unified experience between OCI and AWS.
Also, Investors can gain exposure to the stock via Pacer Funds Pacer Data And Digital Revolution ETF (NYSE:TRFK) and IShares Expanded Tech-Software Sector ETF (BATS:IGV).
Price Action: ORCL shares are up 11.5% at $155.99 at the last check Tuesday.
Photo: Michael Vi/Shutterstock
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