Computer software company Oracle Corp.’s (ORCL) cloud has been selected by Xerox (XRX) to aid the launch of new businesses, especially technologies focused on 3D printing for manufacturing, structural health monitoring for critical infrastructure and augmented reality to improve customer support.
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Shares of Oracle declined 2.4% on Tuesday’s trading session to close at $85.55.
With this partnership, Xerox will be able to use Oracle Cloud and Oracle NetSuite to sell online, create orders, process invoices, track performance, execute financial planning, and send and receive data without IT department’s involvement.
With the help of Deloitte and Infosys, Xerox has implemented several Oracle Cloud services and fast-tracked the launch of its innovation businesses.
The Senior Vice-President and Chief Technology Officer at Xerox, Naresh Shanker, said, “Our vision is to launch breakaway businesses powered by breakthrough technologies as quickly as possible so that we can work to solve these problems facing our planet and society. In order to do that, we needed a unified cloud platform across the entire business.”
Jonathan Tikochinsky, the Executive Vice-President, Strategic Clients Group, Oracle, said, “For more than a century, Xerox has been at the forefront of business technology innovation. We’re proud to partner with the company as it applies that same dedication and expertise to solving pressing global issues.”
Stock Rating
Recently, Monness analyst Brian White maintained a Buy rating on Oracle with a price target of $126 (47.3% upside potential).
Overall, the stock has a Moderate Buy consensus rating based on 6 Buys and 14 Holds. The average Oracle price target of $105.07 implies 22.8% upside potential. Shares have gained 41.1% over the past year.
Positive Sentiment
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Oracle with 8.3% of investors on TipRanks increasing their exposure to ORCL stock over the past 30 days.
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