Following a rally at least partly led by tech companies in the past couple trading sessions, Oracle (ORCL Quick QuoteORCL - Free Report) has posted fiscal Q1 2017 earnings results, and results were not so stellar. Earnings per share (EPS) of 49 cents (accounting for stock-based compensation and other BNRI), lower than the 53 cents expected, on quarterly sales of $8.61 billion, which missed $8.72 billion in the Zacks consensus estimate.

Although in its earnings statement Oracle said that the company expects $2 billion on an annualized basis for both its Software as a Service (SaaS) and Platform as a Service (PaaS) -- two of Oracle's biggest growing businesses -- shares are selling off in the after market following the earnings report.

This mild miss on both top and bottom lines appears to have triggered the sell-off mostly based on the company's valuation (at a P/E of nearly 20) and the fact that the stock is up 11.85% year to date. Oracle is also decidedly not a dividend yield play, and the company bought NetSuite in the quarter for $9.3 billion.

Perhaps the bid-up in Oracle shares this year has gotten a little ahead of itself, but Oracle isn't going anywhere. It provided its second-straight earnings miss, but in tepid terms that resemble the moderate earnings beats from the three previous quarters. It may take awhile for the NetSuite synergies to emerge, and perhaps we will see further M&A activity from the software giant down the road.

Oracle is currently a Zacks Rank #4 (Sell). Its Style Scores show a Value score of C, Growth of D and Momentum of F for a total AGM score of D. This quarterly earnings report seems to bear out this analysis.