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23andMe: Strategic Move; Oracle, Tesla and Microsoft: PT Boost Hint at Potential Upsides

  • June 09th, 2023
  • 361 views

23andMe Holding Co. (Nasdaq: ME), a leading genetic testing and personal genomics company, has disclosed in a regulatory filing with the SEC a reduction in force involving around 75 employees, representing approximately 9% of its workforce. 

The strategic restructuring aims to align the company's workforce with its overall strategy and streamline operating costs. The reduction plan is expected to be completed during the first quarter of the fiscal year ending March 31, 2024, with some affected employees retained during a transition period. 

Upon full implementation, the organizational change is projected to result in an annualized payroll and benefit expense reduction of approximately $12.8 million. 

In after-hours, $ME was trading at $1.95, reflecting a modest increase of $0.02 (+1.04%).

Oracle Corporation (NYSE: ORCL), a multinational technology company specializing in database software and cloud solutions, has received a price target increase from $104 to $130 by Piper Sandler. 

With $ORCL closing at $109.85 on Friday, this adjusted price target implies a potential upside of $20.15 or 18.34%, as per Piper Sandler's view.

Tesla, Inc. (Nasdaq: TSLA), a renowned electric vehicle and clean energy company, has witnessed a price target raise from $215 to $300 by Wedbush. 

Despite $TSLA closing at $244.40 on Friday, this revised price target suggests a potential upside of $55.60 or 22.77%, based on Wedbush's analysis.

Microsoft Corporation (Nasdaq: MSFT), a global technology company known for its software products and services, has been subject to a price target increase from $347 to $385 by BMO Capital. 

Based on Friday's closing price of $326.79, this adjusted price target indicates a potential upside of $58.21 or 17.81% for $MSFT, according to BMO Capital's assessment.

These potential upsides in dollar and percentage terms are based on the analysis and recommendations provided by the respective brokerage firms, Piper Sandler, Wedbush, and BMO Capital. Investors should consider these projections within the context of the firms' assessments and market conditions.

 

THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY OR DIGITAL ASSET. Please consult with a professional investment advisor before purchasing or selling any securities viewed on or mentioned herein. (Read Full Disclaimer)

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