Oracle shares have rallied 40% this year, amid growing investor confidence in the company’s gradual shift of more of its business to the cloud.

But the rally in some ways has been a little odd — the stock sold off after each of the last two earnings reports amid profit-taking and some general dissatisfaction with the pace of the company’s transition to cloud-based versions of both its application and database software. In both cases, the declines turned out to be major buying opportunities.

On…

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