Oracle Corp (ORCL  ) shares are hitting new highs on Monday after the company's CEO provided bullish commentary on the company's trajectory in a filing.

What Happened: Oracle CEO Safra Catz said in a SEC filing that Oracle is off to a "strong start" in fiscal 2026 as MultiCloud database revenue continues to experience over 100% growth.

The filing comes ahead of a planned meeting with colleagues in which Catz plans to discuss "multiple large" cloud services agreements, including one agreement that is expected to drive more than $30 billion in annual revenue beginning in fiscal 2028.

Oracle said earlier this month that its MultiCloud database revenue from Amazon (AMZN  ), Google (GOOG  ) (GOOGL  ) and Azure (MSFT  ) grew 115% sequentially in the fourth quarter ended May 31. The company noted at the time that it expected to continue to see triple-digit MultiCloud revenue growth in fiscal 2026.

Oracle Cloud Infrastructure (OCI) consumption revenue also grew 62% in the quarter.

"OCI revenue growth rates are skyrocketing - so is demand," Oracle chair and CTO Larry Ellison said in the company's earnings release.

Stifel analyst Brad Reback upgraded Oracle from Hold to Buy and raised the price target from $180 to $250 on Monday, which may be helping push shares to new highs.

Stifel joins UBS and Guggenheim, who also recently increased price targets to $250, which is the Street-high forecast for Oracle. Oracle has a Street-low target of $160, according to Benzinga analyst data.

ORCL Price Action: Oracle shares were up 4.88% at $220.51 at the time of publication, according to Benzinga Pro. Shares are now up approximately 33% on a year-to-date basis.