Oracle (ORCL) shares jumped to a record high on Monday, after a pair of investment firms commended the software giant's advancements and opportunities for growth in the 澳洲幸运5官方开奖结果体彩网:cloud computing market.

In a note to investors published over the weekend, Jefferies analysts increased their 澳洲幸运5官方开奖结果体彩网:price target on Oracle stock to $190 from $170. Analysts at Melius Research followed suit on Monday, upgrading their rating on Oracle shares to "buy."

Both analyst teams arrived at their assessments after attending Oracle's CloudWorld 2024 Conference, held last week in Las Vegas. CloudWorld is an annual customer event where Oracle introduces new products and discusses its technological outlook.

Oracle shares gained 5.1% on Monday to close at $170.33.

Cloud-Driven Acceleration

Following CloudWorld, Jefferies analysts expressed their belief that Oracle "is getting its mojo back." The team highlighted the increasing competitiveness and accelerated adoption of Oracle Cloud Infrastructure, noting strong growth in Oracle's backlog as a driver of revenue strength.

Meanwhile, analysts at Melius also focused on revenue growth acceleration, as well as the successes of Oracle CEO Larry Ellison in pursuing strategic partnerships and building a cloud platform that prioritizes 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI).

In particular, Melius believes Oracle's partnerships with the "big three" cloud providers—Amazon's (AMZN) Amazon Web Services, Microsoft's (MSFT) Azure, and Alphabet's (GOOGL) Google Cloud Platform—could help ensure a sustainaꦗble pipelin🅠e for the cloud business and alleviate margin pressure.

Stock Performance

Oracle stock tore higher early last week after the enterprise software firm ꦆ澳洲幸运5官方开奖结果体彩网:beat quarterl𒁃y sales and profit estimates and announced a new multicloud partnership with AWS. The stock extended its gains after an executive provided a🐷n optimistic forecast for Oracle's revenue growth over the next few years.

Including Monday's gains, Oracle stock has now soared nearly 22% since its Sept. 9 earnings report.