Oracle Stock Is Climbing Higher: What's Going On?

Oracle Corp ORCL shares are trading higher Tuesday after the company reported fiscal second-quarter results that came in above analyst estimates.

Q2 Results: Oracle said fiscal second-quarter revenue increased 18% year-over-year to $12.3 billion, which beat average analyst estimates of $12.04 billion, according to Benzinga Pro. The company's acquisition of Cerner contributed $1.5 billion to total revenues.  

Oracle reported quarterly earnings of $1.21 per share, which beat average estimates of $1.18 per share. 

"Strong overall revenue growth was powered by our infrastructure and applications cloud businesses that grew 59% and 45% respectively, in constant currency. Fusion Cloud ERP grew 28% in constant currency, NetSuite Cloud ERP grew 29% in constant currency—each and every one of our strategic businesses delivered solid revenue growth in the quarter," said Safra Catz, CEO of Oracle.

Oracle's board also declared a quarterly cash dividend of 32 cents per share.

Following the company's quarterly results, Piper Sandler analyst Brent Bracelin maintained Oracle with a Neutral and raised the price target from $75 to $85.

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ORCL Price Action: Oracle has a 52-week high of $104.36 and a 52-week low of $60.78.

The stock was up 2.77% at $83.53 Tuesday morning, according to Benzinga Pro.

Photo: Open Grid Scheduler from Flickr.