Oracle shares fall for a second session in a row on Friday, price target for the stock raised by analysts

Canaccord Genuity reportedly revised up its price target for Oracles stock to $57 from $56 previously and also kept a “Buy” rating. Richard Davis, an analyst at Canaccord, emphasized on improved margins and also noted that the stock was still “sufficiently inexpensive”.

Oracle shares closed lower for a second consecutive trading session on Friday. The stock went down 7.67% ($4.05) to $48.74, after touching an intraday low at $48.48, or a price level not seen since August 18th ($48.31). In the week ended on September 17th the shares of the technological company lost 5.51% of their market value compared to a week ago, which marked the first drop in the past five weeks and also the worst performance since the week ended on November 15th 2015. The stock has neutralized earlier advance and is now down 3.16% so far during the current month, following a 0.80% increase in August. The latter has been the seventh gain out of eight months. For the entire past year, the shares of Oracle Corporation rose 5.26%. The stock has advanced 26.76% so far in 2017.

Meanwhile, Jefferies also revised up its price target for Oracle Corp by one dollar to $61. At the same time, a “Buy” rating was maintained as well.

John DiFucci, an analyst at Jefferies, cited the double-digit increase in Oracles earnings per share during the first half of the year. On the other hand, he noted that EPS estimates for fiscal year 2018 should be lowered to levels below 10% as a result of higher tax rates.

According to CNN Money, the 32 analysts, offering 12-month forecasts regarding Oracle Corporation’s stock price, have a median target of $56.00, with a high estimate of $63.00 and a low estimate of $33.00. The median estimate is a 14.90% surge compared to the closing price of $48.74 on September 15th.

The same media also reported that 23 out of 37 surveyed investment analysts had rated Oracle Corporation’s stock as “Buy”, while 10 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Oracle stock are presented as follows:

R1 – $48.94
R2 – $49.15
R3 (Range Resistance – Sell) – $49.35
R4 (Long Breakout) – $49.96
R5 (Breakout Target 1) – $50.67
R6 (Breakout Target 2) – $50.97

S1 – $48.54
S2 – $48.33
S3 (Range Support – Buy) – $48.13
S4 (Short Breakout) – $47.52
S5 (Breakout Target 1) – $46.81
S6 (Breakout Target 2) – $46.51

By using the traditional method of calculation, the weekly levels of importance for Oracle Corporation (ORCL) are presented as follows:

Central Pivot Point – $50.12
R1 – $51.76
R2 – $54.78
R3 – $56.42
R4 – $58.06

S1 – $47.10
S2 – $45.46
S3 – $42.44
S4 – $39.42