Oracle Corp (NYSE:ORCL) announced plans to relocate its headquarters again, this time to Nashville, Tenn., to establish closer ties with the healthcare industry.

During a live-streamed interview hosted by Oracle's health division on Tuesday, Chairman Larry Ellison revealed that the enterprise software company is transferring a large campus to the Southern city, ultimately serving as its global headquarters.

"We want to be in a community where our people are happy to live," the Wall Street Journal cited Ellison during the interview with former Tennessee Sen. Bill Frist.

In 2020, Oracle, alongside other Silicon Valley tech companies, initially moved its headquarters from California to Austin, Texas.

Founded in Santa Clara, Calif., in 1977, Oracle later set its headquarters in Redwood City. At the time of its move to Texas, the software giant declared that the relocation was aimed at adopting a more flexible approach to workforce management.

Ellison explained that this latest relocation is intended to better align Oracle with the medical industry.

In 2021, Oracle significantly invested in the healthcare sector through its nearly $30 billion acquisition of electronic medical records company Cerner.

This deal positioned Oracle prominently in a sector that is a significant growth driver for cloud computing. Ellison has emphasized that healthcare remains a key strategic focus for the company.

Oracle had previously acquired riverfront property in the city for an office complex. The company also committed to constructing a pedestrian bridge over the river as part of the development.

Recently, Oracle announced its intention to invest more than $8 billion over the next decade to meet Japan's increasing demand for cloud computing and AI infrastructure.

This investment will enhance the presence of Oracle Cloud Infrastructure (OCI) throughout Japan.

Oracle stock gained 23% in the last 12 months. Investors can gain exposure to the stock via Themes Cloud Computing ETF (NASDAQ:CLOD) and Defiance Next Gen Connectivity ETF (NYSE:FIVG).

Oracle Stock Prediction For 2024

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of Oracle have an average 1-year price target of $137.47, representing an expected upside of 19.2%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Oracle, while 10 analysts have bullish ratings. The street high price target from Mizuho is $160.0, while the street low from DA Davidson is $105.0.

Price Action: ORCL shares are down 0.80% at $114.42 premarket at the last check on Thursday.

Also Read: Oracle's Health Unit Faces Major Downsizing Post-Cerner Acquisition Amid Industry Trends

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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