Market News

Oracle (NYSE: ORCL) Fined $23 Million By SEC

On Tuesday, the Securities and Exchange Commission (SEC) fined Oracle (NYSE: ORCL) for violating provisions of the Foreign Corrupt Practices Act (FCPA).

The SEC ruling stated that Oracle’s subsidiaries in Turkey, the United Arab Emirates (UAE), and India “created and used slush funds to bribe foreign officials in return for business between 2016 and 2019.”

The SEC also stated that the company’s subsidiaries in Turkey and UAE also used the slush funds to pay for foreign officials to attend technology conferences and in certain instances, employees of its subsidiary in Turkey used these funds for “the officials’ families to accompany them on international conferences or take side trips to California.”

Is Oracle a Buy or Sell?

Analysts are cautiously optimistic about Oracle with a Moderate Buy consensus rating based on nine Buys, 11 Holds, and two Sells.

The average price forecast for Oracle is $88.48 implying an upside potential of 39.2% at current levels.

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