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NetSuite Shares Up 13%; Benzinga Pro Previously Reported Notable Call Trading

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NetSuite Shares Up 13%; Benzinga Pro Previously Reported Notable Call Trading

On Monday, Benzinga Professional reported that option trading in NetSuite Inc (NYSE: N) suggested investors are betting on significant upside in the stock this week.

On Tuesday, shares are up more than 12 percent amid rumors floating around Wall Street that Oracle Corporation (NYSE: ORCL) may be acquiring the company.

Benzinga Professional's Market-Moving Exclusive Feed users were alerted that traders were paying about $0.40 for $90 NetSuite calls expiring this week, while the stock was trading around $76. Shares recently traded north of $86. Details below courtesy of Benzinga Pro.

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This rumor follows a $14 billion bond sale Oracle made on June 29. Oracle Co-Founder and Chairman of the Board Larry Ellison owns about 24 percent of Oracle and 43 percent of NetSuite.

On June 14, BMO Capital initiated coverage of NetSuite at Market Perform with a $90 price target. Goldman Sachs started the stock with a Sell rating at the end of May with a $68 price target. Other recent initiations include $69 and $80 price targets.

2016 analyst rating coverage provided by Benzinga Professional.

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After adding $840 million of market cap today, shares of NetSuite are down 4.2 percent over the past year.

Posted-In: Benzinga Pro Benzinga ProfessionalNews Options Top Stories Markets Movers Best of Benzinga

 

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