Oracle (ORCL) has opened its first cloud region that addresses the mounting demand for cloud computing in Africa. Johannesburg in South Africa will be home to the 37th cloud region worldwide, as the company looks to have at least 44 centers by year end.
Oracle is a U.S. company that offers products and services that address aspects of corporate information technology environments. The Oracle upcoming earnings report for Fiscal Q3 2022 is scheduled for March 17, 2022. Oracle dividends have increased steadily over the years, leading to a dividend yield of 1.46%. ORCL shares fell 2.54% to close at $83.38 on January 19.
First Cloud
The Oracle Cloud Johannesburg Region is tasked with boosting cloud adoption across the continent. The center is also intended to help businesses achieve better performance and drive continuous innovation. The first data center it should make it easy for customers to move information technology workloads to the cloud.
Additionally, the new first cloud region will offer next-generation cloud services that businesses and people can use to run applications faster and more securely. Oracle also plans to offer an array of applications and cloud strategies that should help organizations in the region operate with heightened competitiveness.
The unveiling of the Oracle Cloud Johannesburg Region comes when organizations in the region are increasingly using the company’s cloud offerings to manage essential IT workloads.
Stock Rating
Early this year, Monness analyst Brian White reiterated a Buy rating on Oracle stock with a $126 price target, implying 51.12% upside potential to current levels. According to the analyst, the stock looks more appealing as high valuation tech space volatility builds up. The fact that the company has a solid track record of making large deals work should see it benefit a great deal with the acquisition of Cerner (CERN).
Consensus among analysts is a Hold based on 6 Buys, 14 Holds. The average analyst price target of $105.07 implies 26.01% upside potential to current levels.
Download the TipRanks mobile app now
To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
Read full Disclaimer & Disclosure.
Related News:
Bank of America Delivers Solid Q4 Earnings; Shares Up 5%
Wetherspoon to Post Pandemic-Induced First-Half Loss
Aya Gold & Silver Posts Record Silver Production
