In a recent filing with the U.S. Securities and Exchange Commission, Oracle Corporation (NYSE:ORCL), a $429 billion market cap technology giant with annual revenue exceeding $54 billion, disclosed the upcoming retirement of a key executive. Edward Screven, who has served Oracle for 38 years and held the position of Executive Vice President and Chief Corporate Architect, has indicated his intention to retire by the end of February 2025.
Screven's departure marks the end of a notable tenure at the technology giant, where he has been a significant figure in shaping the company's strategic direction. Oracle has stated that Screven will assist in the transition of his duties until his retirement becomes effective. Additionally, he will continue to serve as Oracle’s representative on the Board of Directors of Ampere Computing Holdings LLC, ensuring his ongoing influence in the industry.
Oracle's business address is listed as 2300 Oracle Way, Austin, Texas, with the company previously known as Ozark Holding Inc. before a name change on October 13, 2005. The company, a major player in the prepackaged software services industry, is well-known for its extensive portfolio of cloud solutions and software products.
This development is part of the natural cycle of corporate leadership changes and comes as Oracle continues to navigate the competitive landscape of the technology sector. The company's statement, based on the press release, provides factual details without offering any commentary on the implications of Screven's retirement.
In other recent news, Oracle has been under the spotlight following a series of developments. The Supreme Court is currently hearing arguments regarding a potential TikTok ban, which could impact several tech companies, including Oracle. Analysts from Morgan Stanley (NYSE:MS) predict that if the ban is enacted, Meta (NASDAQ:META) and YouTube could benefit from a shift in user activity. However, for Oracle, which hosts TikTok, the ban could result in a loss of income.
Oracle's recent Q2 results have led to Monness, Crespi, Hardt downgrading the company's shares from Neutral to Sell. The downgrade was influenced by uninspiring Q2 results and the firm's concern over Oracle's intention to double its capital expenditures in FY25. Despite this, Oracle reported a 9% increase in sales driven by a 24% rise in cloud revenue.
CFRA, a financial research firm, has maintained its Hold rating on Oracle, despite its high net debt position of $77 billion. The firm has increased the 12-month price target for Oracle from $172 to $189, based on the company's consistent growth in Infrastructure as a Service (IaaS) revenues.
TD Cowen reaffirmed a Buy rating on Oracle, citing a solid Q2 with 9% revenue growth and significant 52% growth in Oracle Cloud Infrastructure (OCI). Stifel, on the other hand, raised its price target for Oracle following the company's reaffirmation of its commitment to doubling its capital expenditure to approximately $15 billion and anticipating over 50% growth in its Cloud segment for the fiscal year 2025.
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