Oracle (ORCL) Trading Down 9.4% Following Insider Selling
Shares of Oracle Co. (NYSE:ORCL) fell 9.4% during trading on Tuesday following insider selling activity. The company traded as low as $46.43 and last traded at $47.05. 68,559,852 shares were traded during trading, an increase of 304% from the average session volume of 16,979,701 shares. The stock had previously closed at $51.95.
Specifically, EVP Dorian Daley sold 100,000 shares of Oracle stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $52.00, for a total transaction of $5,200,000.00. Following the transaction, the executive vice president now owns 37,576 shares in the company, valued at $1,953,952. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Hector Garcia-Molina sold 3,750 shares of Oracle stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $49.72, for a total value of $186,450.00. Following the transaction, the director now owns 18,125 shares in the company, valued at approximately $901,175. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,856,250 shares of company stock worth $93,571,688. 29.00% of the stock is currently owned by company insiders.
A number of brokerages recently commented on ORCL. TheStreet downgraded Oracle from a “b+” rating to a “c+” rating in a research report on Monday. JPMorgan Chase & Co. reissued a “buy” rating and set a $55.00 target price on shares of Oracle in a research note on Tuesday. Nomura cut Oracle from a “buy” rating to a “neutral” rating in a research note on Tuesday. Credit Suisse Group cut their target price on Oracle from $62.00 to $60.00 and set an “outperform” rating for the company in a research note on Tuesday. Finally, KeyCorp reissued a “sector weight” rating on shares of Oracle in a research note on Tuesday. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and twenty-four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $56.17.
Oracle (NYSE:ORCL) last released its earnings results on Monday, March 19th. The enterprise software provider reported $0.83 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.11. Oracle had a return on equity of 21.05% and a net margin of 9.25%. The firm had revenue of $9.78 billion during the quarter, compared to analysts’ expectations of $9.77 billion. During the same period in the previous year, the firm posted $0.69 EPS. Oracle’s revenue for the quarter was up 5.4% on a year-over-year basis. equities research analysts predict that Oracle Co. will post 2.68 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 1st. Investors of record on Tuesday, April 17th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 1.62%. Oracle’s payout ratio is 92.68%.
Oracle declared that its board has approved a stock buyback program on Thursday, December 14th that authorizes the company to buyback $12.00 billion in shares. This buyback authorization authorizes the enterprise software provider to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Keel Point LLC lifted its holdings in Oracle by 0.3% during the 2nd quarter. Keel Point LLC now owns 5,349 shares of the enterprise software provider’s stock worth $268,000 after buying an additional 14 shares during the last quarter. Flagship Harbor Advisors LLC lifted its holdings in Oracle by 0.4% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 8,110 shares of the enterprise software provider’s stock worth $404,000 after buying an additional 35 shares during the last quarter. Highland Private Wealth Management lifted its holdings in Oracle by 0.7% during the 2nd quarter. Highland Private Wealth Management now owns 9,660 shares of the enterprise software provider’s stock worth $485,000 after buying an additional 70 shares during the last quarter. Calamos Wealth Management LLC lifted its holdings in Oracle by 0.4% during the 2nd quarter. Calamos Wealth Management LLC now owns 19,893 shares of the enterprise software provider’s stock worth $997,000 after buying an additional 73 shares during the last quarter. Finally, Community Bank & Trust Waco Texas lifted its holdings in Oracle by 1.0% during the 2nd quarter. Community Bank & Trust Waco Texas now owns 8,070 shares of the enterprise software provider’s stock worth $405,000 after buying an additional 76 shares during the last quarter. 57.93% of the stock is owned by hedge funds and other institutional investors.
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Oracle Company Profile
Oracle Corporation (Oracle) provides products and services that address all aspects of corporate information technology (IT) environments, including application, platform and infrastructure. The Company’s businesses include cloud and on-premise software, hardware and services. Its cloud and on-premise software business consists of three segments, including cloud software and on-premise software, which includes Software as a Service (SaaS) and Platform as a Service (PaaS) offerings, cloud infrastructure as a service (IaaS) and software license updates and product support.
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