Oracle's stock is having its best week since 2021 following a better-than-expected earnings report and optimistic guidance for next fiscal year. The rally has boosted Chairman Larry Ellison's net worth and briefly pushed him past Amazon founder Jeff Bezos, who trails only Elon Musk.
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Oracle delivered yet another quarter of solid order growth as demand for AI continues to soar.
Another rally from software giant Oracle propelled its chairman Larry Ellison to the second spot on Forbes' rankings of the wealthiest people on the planet briefly on Friday, joining his self-described “very close friend” Elon Musk at the top of the list.
Oracle (ORCL) shares surged in premarket trading Friday, a day after Executive Vice President Doug Kehring told analysts its annual revenue will rise to at least $104 billion in fiscal 2029.
Oracle shares rose more than 6% in premarket trading on Friday after the company said it expects to cross $100 billion in revenue in fiscal 2029, as the popularity of AI drives demand for its cloud services.
While Nvidia Corp and Meta Platforms Inc META have dominated the headlines with their AI advancements, Oracle Corp ORCL is making a quiet but impressive climb.
The tech giant raised its forecast for 2026, signaling to investors that it expects its cloud infrastructure business will boost its revenue.
Oracle's fiscal Q1 results were bolstered by a jump in cloud revenue. However, it is losing a big customer and earnings were boosted by an accounting change.
Oracle shares got a big bump after Monday's earnings and look set to rise nicely again, as the company blew estimates out of the water with its fiscal 2029 outlook
Oracle now sees at least $66 billion in fiscal 2026 revenue, around $1.5 billion more than analysts had expected. Capital spending also will increase.