Blue Owl Technology Finance (NYSE:OTF) Price Target Cut to $16.00 by Analysts at Truist Financial

Blue Owl Technology Finance (NYSE:OTF) had its target price lowered by investment analysts at Truist Financial from $17.00 to $16.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s target price would indicate a potential upside of 37.58% from the company’s previous close.

OTF has been the topic of a number of other reports. Wells Fargo & Company reduced their target price on shares of Blue Owl Technology Finance from $15.00 to $13.00 and set an “overweight” rating on the stock in a research note on Friday. Zacks Research raised shares of Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a research report on Monday, January 26th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $14.50.

Blue Owl Technology Finance Stock Performance

OTF stock opened at $11.63 on Monday. Blue Owl Technology Finance has a 52-week low of $11.60 and a 52-week high of $21.62. The stock has a market cap of $5.41 billion and a PE ratio of 6.84.

Blue Owl Technology Finance (NYSE:OTF) last announced its earnings results on Wednesday, February 18th. The company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.02). Blue Owl Technology Finance had a net margin of 62.89% and a return on equity of 6.91%. The company had revenue of $320.58 million during the quarter, compared to analyst estimates of $326.27 million.

Blue Owl Technology Finance declared that its Board of Directors has approved a share buyback program on Wednesday, February 18th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the company to purchase up to 5.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Institutional Trading of Blue Owl Technology Finance

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Orange County Employees Retirement System purchased a new stake in Blue Owl Technology Finance in the 4th quarter valued at approximately $116,497,000. Capricorn Investment Group LLC acquired a new stake in shares of Blue Owl Technology Finance in the 4th quarter valued at approximately $78,915,000. Franklin Resources Inc. lifted its holdings in shares of Blue Owl Technology Finance by 155,006.8% in the 4th quarter. Franklin Resources Inc. now owns 1,754,258 shares of the company’s stock valued at $25,507,000 after buying an additional 1,753,127 shares during the period. Rivernorth Capital Management LLC boosted its stake in shares of Blue Owl Technology Finance by 374.2% in the fourth quarter. Rivernorth Capital Management LLC now owns 1,934,726 shares of the company’s stock valued at $28,131,000 after buying an additional 1,526,695 shares in the last quarter. Finally, Ares Management LLC grew its holdings in Blue Owl Technology Finance by 111.5% during the fourth quarter. Ares Management LLC now owns 1,140,168 shares of the company’s stock worth $16,578,000 after acquiring an additional 601,104 shares during the period.

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.