Oracle Stock Sinks on Forecast, CEO Leave of Absence

Analysts have shared mixed reactions this morning

Managing Editor
Sep 12, 2019 at 9:31 AM
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Computer technology name Oracle Corporation (NYSE:ORCL) is down 3.3% to trade at $54.42, the stock reeling on the back of the company's lower-than-expected fiscal second-quarter forecast, and news that one of the company's two CEOs, Mark Hurd, will be taking unplanned medical leave. Oracle also shared a fiscal first-quarter revenue miss, but said it still plans to buy back $15 million in stock.

The slew of news has already triggered several mixed analyst reactions. RBC cut its price target to $57 from $59, while BMO Securities hiked its own to $60 from $59. Coming into today analysts are extremely bearish, with 17 of 21 firms sporting a "hold" or worse recommendation. Meanwhile, the stock's average 12-month price target of $56.47 comes in flat to current levels.

This bearish sentiment continues in the options pits, where Oracle stock sports a 10-day put/call volume ratio of 1.78 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio ranks in the 94th percentile of its annual range, indicating puts have been purchased over calls at a faster-than-usual clip.

ORCL has performed well on the charts in 2019. While the stock remains well below its mid-July record peak, it marks a roughly 29% upside to its late-December lows. The 200-day moving average captured a brief pullback in early June and re-emerged as support just last month. Year-to-date, the shares are up around 21%.

 

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