Shares of Oracle (NYSE:ORCL) surged in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2024. Earnings per share came in at $1.41, which beat analysts’ consensus estimate of $1.38 per share.
Sales increased by 7.1% year-over-year, with revenue hitting $13.28 billion. This missed analysts’ expectations of 13.29 billion. The major driver of revenue growth was the company’s cloud segment, which increased 25% year-over-year to $5.1 billion.
Is Oracle a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on ORCL stock based on 11 Buys, seven Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. After a 36% rally in its share price over the past year, the average ORCL price target of $127.42 per share implies 11.64% upside potential. However, it’s worth noting that estimates will likely change following today’s earnings report.
