Oracle Corporation ORCL shares are trading lower by 4.74% to $72.44 during Wednesday’s trading session after Berenberg initiated coverage on the stock with a Hold rating and $72 price target. The stock has also been under pressure following recent earnings as well as rate hike concerns, which have weighed on tech stocks.
Shares of software and IT companies were also trading lower during Tuesday’s session as growth stocks sell off on Fed rate hike fears, which has driven a risk-off sentiment. A rise in interest rates lowers the value of future cash flows, which can pressure companies in the sector.
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According to data from Benzinga Pro, Oracle has a 52-week high of $106.34 and a 52-week low of $63.76.
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