ORCL heads into its June 8 earnings report with the stock up 6.4% on the week to $193.06, analyst targets climbing and options traders still leaning defensive — a setup where the bulls and the hedgers are both making noise at the same time.
The analyst community has turned notably more constructive. Wedbush lifted its target to $275 on May 13, up from $225 — a $50 raise that pushes it to one of the more aggressive calls on the Street. Oppenheimer also moved higher, taking its target to $235 from $210 while maintaining its Outperform. The consensus mean now sits at $244, implying roughly 26% upside from current levels. Morgan Stanley sits on the other side, holding its Equal-Weight with a $207 target trimmed from $213 in late April — just below where the stock trades today. The broad direction of travel is bullish, but there is a meaningful valuation gap between the conviction buys and the sideline names. The bull case rests on cloud revenue growing 41% year-over-year to $8.9 billion in the last quarter, AI infrastructure up 243%, and management guiding to $90 billion in FY27 revenue. Bears point to rising competition in the database and middleware markets and execution risk on AI monetisation as the counterweight.
Options positioning has stayed elevated through this week's price rally, which is the more interesting tension. The put/call ratio is at 0.90 — still running well above its 20-day average of 0.86, and more than a standard deviation elevated. The previous note flagged a PCR spike to 0.91 last week; the level has barely eased despite the stock adding another 6%. Demand for downside protection is sticky, even as prices push higher. That divergence — stock up, hedging still elevated — is worth noting ahead of a print that has historically rewarded bulls. The last earnings report in March produced a one-day gain of 7.6% and held most of that over the following five sessions.
Short interest has changed in character since last week, though modestly. SI edged down about 1.6% over the week to roughly 1.1% of the free float — broadly flat with where the previous note left off after the May rebuilding trend plateaued. Borrow conditions remain entirely undemanding. Cost to borrow has ticked back up to 0.41% from a low of 0.23% recorded on May 19, but the week-over-week move overstates the story — the absolute level is still trivially cheap. Availability is extremely loose at nearly 5,982% of short interest, meaning there is an enormous pool of lendable shares relative to those already borrowed. The lending market carries no squeeze pressure whatsoever.
On valuation, the price re-rating over the past month is visible. The P/E has expanded roughly 2.5 points over 30 days to 25.1x. The price-to-book has moved about 0.55 points higher to 10.2x. Neither level is alarming for a company guiding to this growth profile, but both reflect a market that has been paying up. The ORTEX stock score reached a six-month high earlier this week, driven primarily by a momentum pillar that has climbed sharply from the high 30s in late April to around 50. The analyst recommendation percentile ranks in the 98th percentile of the universe — among the most constructive Street setups available.
Lawrence Ellison remains the structural story in the ownership register, holding 40.3% of shares with no reported change. Among active institutional holders, Capital Research added nearly 2.9 million shares through April, and UBS Asset Management added 3.2 million — modest flows but pointing in the same direction as the analyst moves.
What to watch on June 8 is less about the cloud revenue headline — the bull case for that is well-telegraphed and priced into the targets — and more about whether AI infrastructure demand growth sustains the rate that moved the needle last quarter, and whether any guidance commentary on FY27 cost structure shifts the valuation conversation.
See the live data behind this article on ORTEX.
Open ORCL on ORTEX →ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
