Oracle Corp ( ORCL ) shares are trading lower Tuesday on the heels of the company’s fiscal third-quarter financial results. Multiple analysts also lowered price targets following the print.

Q3 Revenue: $14.13 billion, versus estimates of $14.39 billion

Q3 Earnings: $1.47, versus estimates of $1.49

Third-quarter revenue was up 6% on a year-over-year basis. Cloud revenue was up 23%, cloud infrastructure revenue was up 49%, cloud application revenue was up 9% and Fusion cloud revenue and NetSuite Cloud ERP revenue were both up 16% in the quarter.

Remaining performance obligations totaled $130 billion at the quarter's end, up 62% year-over-year. Oracle ended the quarter with approximately $17.41 billion in cash and cash equivalents.

"We are on schedule to double our data center capacity this calendar year. Customer demand is at record levels,” said Larry Ellison, chairman and CTO or Oracle.

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Oracle’s board declared a quarterly cash dividend of 50 cents per share, up 25% over the current quarterly dividend of 40 cents per share. Shares initially moved higher following the print, but reversed course and turned negative after the company provided guidance on the call.

Oracle said it expects fourth-quarter revenue growth of 8% to 10%, versus estimates of 11% growth, according to CNBC. The company anticipates fourth-quarter adjusted earnings of $1.61 to $1.65 per share, versus estimates of $1.79 per share.

Oracle said on the conference call that its earnings outlook was negatively impacted by investment declines in another company. The company also said it expects to spend around $16 billion in capital expenditures in 2025, more than double last year’s spend.

“We expect that our huge $130 billion sales backlog will help drive a 15% increase in Oracle's overall revenue in our next fiscal year beginning this June," said Safra Catz, CEO of Oracle.

Analyst Changes:

Piper Sandler analyst Brent Bracelin maintained an Overweight and lowered the price target from $210 to $190.

BofA Securities analyst Brad Sills maintained a Neutral and lowered the price target from $195 to $175.

Evercore ISI Group analyst Kirk Materne maintained an Outperform and lowered the price target from $200 to $185.

Morgan Stanley analyst Keith Weiss maintained an Equal-Weight and lowered the price target from $175 to $170.

Stifel analyst Brad Reback maintained a Hold and lowered the price target from $175 to $150.

ORCL Price Action: Oracle shares were down 3.19%, trading at $144.05 at the time of publication Tuesday, according to Benzinga Pro.