Blue Owl Technology Finance (NYSE:OTF) Stock Rating Upgraded by Zacks Research

Blue Owl Technology Finance (NYSE:OTF) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Wednesday,Zacks.com reports.

Other equities research analysts have also issued reports about the company. Wells Fargo & Company dropped their price target on Blue Owl Technology Finance from $13.00 to $12.00 and set an “overweight” rating on the stock in a research report on Friday, May 8th. Citizens Jmp dropped their price target on 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. Royal Bank Of Canada dropped their price target on Blue Owl Technology Finance from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Monday, May 18th. Truist Financial dropped their price target on Blue Owl Technology Finance from $16.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, May 19th. Finally, Keefe, Bruyette & Woods dropped their price target on Blue Owl Technology Finance from $13.00 to $12.00 and set a “market perform” rating on the stock in a research report on Tuesday, May 12th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.40.

Blue Owl Technology Finance Stock Performance

OTF stock opened at $11.04 on Wednesday. The firm has a market cap of $5.11 billion and a price-to-earnings ratio of 12.26. Blue Owl Technology Finance has a 12-month low of $10.48 and a 12-month high of $21.62. The firm’s 50 day moving average price is $11.23.

Blue Owl Technology Finance (NYSE:OTF) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.02). The firm had revenue of $222.12 million for 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. On average, equities research analysts forecast that Blue Owl Technology Finance will post 1.26 earnings per share for the current fiscal year.

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 repurchase up to 5.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, Director Chris Temple acquired 7,000 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was purchased at an average cost of $10.71 per share, for a total transaction of $74,970.00. Following the purchase, the director directly owned 12,000 shares in the company, valued at $128,520. This represents a 140.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Melissa Weiler acquired 10,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were bought at an average price of $10.90 per share, with a total value of $109,000.00. Following the completion of the purchase, the director owned 10,000 shares in the company, valued at $109,000. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have purchased 18,000 shares of company stock valued at $194,710. 0.05% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Orange County Employees Retirement System bought a new position in shares of Blue Owl Technology Finance in the fourth quarter worth $116,497,000. Bayshore Capital Advisors LLC bought a new position in shares of Blue Owl Technology Finance in the fourth quarter worth $2,220,000. Requisite Capital Management LLC grew its stake in shares of Blue Owl Technology Finance by 141.2% in the fourth quarter. Requisite Capital Management LLC now owns 674,624 shares of the company’s stock worth $10,078,000 after purchasing an additional 394,895 shares in the last quarter. Stephens Inc. AR bought a new position in shares of Blue Owl Technology Finance in the fourth quarter worth $8,220,000. Finally, Caz Investments LP grew its stake in shares of Blue Owl Technology Finance by 72.2% in the fourth quarter. Caz Investments LP now owns 1,159,339 shares of the company’s stock worth $16,857,000 after purchasing 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.