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"We believe that the company has turned a significant corner and is poised to not only deliver overall top line growth but also EPS growth as the cloud businesses begin to mature and customers continue to run business critical applications on the platform," Senk wrote.

"We believe that the company has turned a significant corner and is poised to not only deliver overall top line growth but also EPS growth as the cloud businesses begin to mature and customers continue to run business critical applications on the platform," Senk wrote.

Oracle began a concerted push into the cloud three years ago. It's software-as-a-service and platform-as-a-service cloud revenue jumped 85% in the quarter year over year to $1.1 billion, as total cloud revenue reached $1.2 billion, up 62%.

"We believe the key to the near term Oracle story remains the company's ability to show improving margins as the cloud businesses scale and we see acceleration in leverage via margin expansion," Senk wrote.

" We believe the key to the near term Oracle story remains the company's ability to show improving margins as the cloud businesses scale and we see acceleration in leverage via margin expansion," Senk wrote.

Oracle began a concerted push into the cloud three years ago. It's software-as-a-service and platform-as-a-service cloud revenue jumped 85% in the quarter year over year to $1.1 billion, as total cloud revenue reached $1.2 billion, up 62%.

Oracle stock reached a record high of 46.99 on March 16 — following Oracle's fiscal third-quarter earnings that cruised past estimates — as the software giant transitions to a cloud-based model picks up momentum.