Elevation Point Wealth Partners Reduces Stake in Oracle by 35.4%

Elevation Point Wealth Partners LLC has significantly reduced its investment in Oracle Corporation (NYSE: ORCL), selling 6,030 shares during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), this reduction amounts to a 35.4% decrease in their stake, leaving the firm with a total of 11,010 shares valued at approximately $2.4 million.

Several institutional investors have also adjusted their positions in Oracle. Notably, Nuveen LLC entered the market with a new stake worth $732.7 million in the first quarter. Meanwhile, Vanguard Group Inc. increased its holdings by 2.2%, now owning over 160.9 million shares valued at around $22.5 billion after acquiring an additional 3.5 million shares.

In a remarkable move, Mitsubishi UFJ Asset Management Co. Ltd. expanded its stake by 79.2% in the first quarter, reaching 4.6 million shares valued at approximately $648.6 million. Additionally, Assenagon Asset Management S.A. boosted its position by an astonishing 840.7% during the second quarter, now holding 2.1 million shares worth about $463.4 million.

As of now, institutional investors and hedge funds collectively own 42.44% of Oracle’s shares, underscoring the company’s significant appeal to major financial players.

Analysts Weigh In on Oracle’s Future

Recent evaluations by various research analysts indicate a positive outlook for Oracle. Sanford C. Bernstein raised its target price from $363 to $364, maintaining an “outperform” rating. Similarly, Morgan Stanley increased its price objective from $246 to $320, assigning an “equal weight” rating.

Other notable adjustments include Royal Bank of Canada, which reaffirmed a “sector perform” rating with a target price of $310, and Cantor Fitzgerald, which lifted its target from $271 to $400 and issued an “overweight” rating. Meanwhile, Rothschild & Co Redburn initiated coverage with a “sell” rating and a price objective of $175.

Overall, the consensus rating for Oracle stock stands at “Moderate Buy,” with an average price target of approximately $324.89.

Oracle’s Recent Financial Performance

On September 9, 2023, Oracle Corporation announced its quarterly earnings, reporting earnings per share (EPS) of $1.47. This figure fell slightly short of the consensus estimate of $1.48. The company’s revenue for the quarter reached $14.93 billion, which was below analyst expectations of $15.04 billion.

Despite this, Oracle achieved a year-over-year revenue increase of 12.2%. The firm also set its guidance for Q2 2026 at an EPS range of $1.270 to $1.310. Analysts anticipate that Oracle will post a total of $5.00 earnings per share for the current fiscal year.

Additionally, Oracle recently declared a quarterly dividend of $0.50 per share, which was paid on October 23, 2023. The dividend yield stands at 1.0%, with a payout ratio of 46.3%.

Insider Activity and Stock Performance

In insider trading news, Stuart Levey, Executive Vice President, sold 19,758 shares on October 10, 2023, for a total of approximately $5.93 million at an average price of $300 per share. Following this transaction, Levey holds 18,429 shares valued at around $5.53 million.

Another notable transaction involved Michael D. Sicilia, who sold 33,845 shares on September 23, 2023, for approximately $10.87 million, reducing his ownership by 20.33%.

In total, insiders have sold 204,254 shares valued at around $60.2 million over the past 90 days, with corporate insiders currently holding 40.9% of Oracle’s stock.

As Oracle navigates a competitive landscape in enterprise software, its ongoing adjustments in investment and stock performance highlight its strategic importance in the technology sector.