Oracle’s (NYSE:ORCL) Chairman Larry Ellison stated that the technology company was planning to shift its headquarters to Nashville, Tennessee. Ellison made the announcement while in conversation with Bill Frist, a former U.S. Senate Majority Leader, at the Oracle Health Summit in Nashville.
Ellison cited the reason for this move as Nashville being a major healthcare hub and that the city held an appeal for its employees.
Oracle had shifted its headquarters from Silicon Valley to Austin, Texas, in 2020. Over the past few years, the company has been increasingly focusing on healthcare as indicated by its $28.3 billion acquisition of healthcare company, Cerner, in 2021. Ellison pointed out that while Oracle was new to the healthcare business, it felt a “moral obligation” to address the challenges facing the healthcare industry.
What Is the Price Prediction for ORCL Stock?
Analysts remain cautiously optimistic about ORCL stock, with a Moderate Buy consensus rating based on 16 Buys and 13 Holds. Over the past year, ORCL has increased by more than 20%, and the average ORCL price target of $139.13 implies an upside potential of 21.3% from current levels.
