Oracle Corporation (NYSE:ORCL) shares are trading higher Wednesday. The stock appears to be recovering after falling more than 13% on Tuesday.
What To Know:
Shares of ORCL fell on Tuesday after the company released mixed first-quarter financial results after the market close on Monday.
Though Oracle beat analyst consensus estimates, investors seem to have been anticipating stronger financial results.
Oracle reported revenue of $12.45 billion, up 9% year-over-year and first-quarter adjusted earnings per share of $1.19, beating a Street consensus estimate of $1.15.
On Wednesday, JP Morgan analyst Mark Murphy downgraded Oracle from Overweight to Neutral and lowered the price target from $112 to $100.
Citigroup analyst Tyler Radke maintained Oracle with a Neutral and lowered the price target from $138 to $120.
Oracle shares are moving higher on heavy trading volume. According to data from Benzinga Pro, more than 11 million shares have already been traded in the session, compared to the stock’s 100-day average of 11.425 million shares.
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ORCL Price Action: According to Benzinga Pro, Oracle Corporation shares are trading up 1.5% at $111.42 at the time of publication.
Image: Courtesy of Oracle Corporation
