Oracle (NYSE:ORCL) disclosed Thursday that it is modernizing regulatory services in partnership with the City of Miami.
Details
Oracle’s recent announcement highlights its implementation of the Oracle Permitting and Licensing system. This company aims to streamline processes for local businesses and residents in Miami.
The initiative consolidates eight applications into a single platform, enhancing efficiency and reducing technology debt for the city.
Additionally, the city aims to automate review processes and improve transparency. The aim is to significantly cut down on approval times.
Paco Aubrejuan, senior vice president, Oracle added “By consolidating eight applications into OPAL, Miami is extending their existing Oracle Fusion investments and setting a new standard for efficiency and innovation in municipal services.
Recent Earnings Snapshot
This week, Oracle posted third-quarter revenue of $17.19 billion, beating analyst estimates of $16.91 billion.
Adjusted earnings grew 21% year-over-year to $1.79 per share, beating analyst estimates of $1.71 per share.
Oracle expects fourth-quarter revenue to grow 18% to 20% on a year-over-year basis, roughly in line with estimates. It projects adjusted EPS of $1.96 and $2.00 in the fourth quarter, versus estimates of $1.95.
Technical Analysis
Oracle stock is currently trading 6.8% above its 20-day simple moving average (SMA) but is 18% below its 100-day SMA, demonstrating some short-term strength while indicating longer-term challenges. Over the past 12 months, shares have increased by 8.11%, and they are currently positioned closer to their 52-week highs than lows.
The RSI is at 55.91, which is considered neutral territory, suggesting that the stock is neither overbought nor oversold. Meanwhile, MACD shows a value of -3.2800, with the signal line at -5.6045, indicating a bullish crossover as the MACD is above the signal line.
The combination of neutral RSI and bullish MACD suggests mixed momentum, indicating that while there is some upward pressure, the stock is not in a strong trend.
- Key Resistance: $165.50
- Key Support: $138.50
Top ETF Exposure
- iShares Expanded Tech-Software Sector ETF (BATS:IGV): 7.37% Weight
- First Trust NASDAQ Technology Dividend Index Fund (NASDAQ:TDIV): 5.44% Weight
- Pacer Data and Digital Revolution ETF (NYSE:TRFK): 9.10% Weight
Significance: Because ORCL carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.
ORCL Price Action: Oracle shares were down 0.43% at $162.41 at the time of publication on Thursday, according to Benzinga Pro data.
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