Wells Fargo & Company Issues Pessimistic Forecast for Blue Owl Technology Finance (NYSE:OTF) Stock Price

Blue Owl Technology Finance (NYSE:OTF) had its price target cut by equities research analysts at Wells Fargo & Company from $13.00 to $12.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 9.64% from the company’s previous close.

OTF has been the topic of several other reports. Keefe, Bruyette & Woods lowered their price target on shares of Blue Owl Technology Finance from $16.00 to $13.00 and set a “market perform” rating on the stock in a report on Monday, February 23rd. Citizens Jmp decreased their target price on shares of Blue Owl Technology Finance from $17.00 to $16.00 and set a “market outperform” rating on the stock in a research report on Wednesday, April 22nd. Truist Financial decreased their target price on shares of Blue Owl Technology Finance from $17.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, February 23rd. Finally, Zacks Research upgraded shares of Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a research report on Monday, January 26th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $14.25.

Blue Owl Technology Finance Stock Performance

Blue Owl Technology Finance stock opened at $10.95 on Friday. The company has a market cap of $5.06 billion and a PE ratio of 12.16. Blue Owl Technology Finance has a twelve month low of $10.67 and a twelve month high of $21.62. The firm has a 50-day moving average of $11.75.

Blue Owl Technology Finance (NYSE:OTF) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.02). The company had revenue of $325.94 million during the quarter. Blue Owl Technology Finance had a net margin of 32.78% and a return on equity of 7.43%. During the same quarter in the prior year, the company posted $0.41 earnings per share. As a group, equities analysts forecast that Blue Owl Technology Finance will post 1.31 EPS for the current year.

Blue Owl Technology Finance announced that its board has initiated a stock buyback program on Wednesday, February 18th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 5.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other news, Director Chris Temple purchased 5,000 shares of Blue Owl Technology Finance stock in a transaction that occurred on Wednesday, February 25th. The shares were acquired at an average price of $11.49 per share, for a total transaction of $57,450.00. Following the transaction, the director owned 5,000 shares of the company’s stock, valued at approximately $57,450. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.05% of the company’s stock.

Institutional Trading of Blue Owl Technology Finance

Several large investors have recently made changes to their positions in the company. Orange County Employees Retirement System acquired a new stake in shares of Blue Owl Technology Finance during the 4th quarter worth approximately $116,497,000. Capricorn Investment Group LLC acquired a new stake in shares of Blue Owl Technology Finance during the 4th quarter worth approximately $78,915,000. Rivernorth Capital Management LLC boosted its position in shares of Blue Owl Technology Finance by 374.2% during the 4th quarter. Rivernorth Capital Management LLC now owns 1,934,726 shares of the company’s stock worth $28,131,000 after acquiring an additional 1,526,695 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Blue Owl Technology Finance by 155,006.8% during the 4th quarter. Franklin Resources Inc. now owns 1,754,258 shares of the company’s stock worth $25,507,000 after acquiring an additional 1,753,127 shares in the last quarter. Finally, Caz Investments LP boosted its position in shares of Blue Owl Technology Finance by 72.2% during the 4th quarter. Caz Investments LP now owns 1,159,339 shares of the company’s stock worth $16,857,000 after acquiring an additional 486,172 shares in the last quarter.

Blue Owl Technology Finance Company Profile

Blue Owl Technology Finance (NYSE: OTF) is a publicly traded business development company (BDC) sponsored by alternative asset manager Blue Owl. The firm focuses on providing customized debt and structured capital solutions to technology and technology-enabled companies, with an emphasis on growth-stage and middle-market borrowers. As a BDC, its primary activities include originating, structuring and managing private credit investments tailored to the financing needs of fast-growing businesses.

Its investment approach typically centers on direct lending and credit-oriented products, including senior secured loans, unitranche and subordinated debt, as well as selective equity-linked instruments and structured financings.