Blue Owl Technology Finance (NYSE:OTF) Given New $12.00 Price Target at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods cut Blue Owl Technology Finance’s price target from $13 to $12 while maintaining a market perform rating, implying modest upside from the prior close.
• The stock was trading near $10.71, close to its 52-week low, and the company recently reported Q1 earnings of $0.29 per share, which missed estimates of $0.31.
• Blue Owl Technology Finance also authorized a $300 million share buyback, while several analysts remain positive overall with a consensus rating of Moderate Buy and a $14 average target price.

Blue Owl Technology Finance (NYSE:OTF - Get Free Report) had its target price decreased by equities research analysts at Keefe, Bruyette & Woods from $13.00 to $12.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a "market perform" rating on the stock. Keefe, Bruyette & Woods' price objective would indicate a potential upside of 12.04% from the company's previous close.

Several other brokerages have also recently weighed in on OTF. 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. Wells Fargo & Company cut their price objective on shares of Blue Owl Technology Finance from $13.00 to $12.00 and set an "overweight" rating on the stock in a report on Friday. Citizens Jmp lowered their target price on Blue Owl Technology Finance from $17.00 to $16.00 and set a "market outperform" rating for the company in a report on Wednesday, April 22nd. Finally, Truist Financial dropped their target price on 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. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $14.00.

Blue Owl Technology Finance Trading Down 0.5%

Shares of Blue Owl Technology Finance stock traded down $0.05 during trading on Tuesday, hitting $10.71. 294,394 shares of the stock traded hands, compared to its average volume of 2,148,984. The firm's fifty day moving average is $11.72. The stock has a market cap of $4.95 billion and a price-to-earnings ratio of 11.90. Blue Owl Technology Finance has a 52-week low of $10.67 and a 52-week high of $21.62.

Blue Owl Technology Finance (NYSE:OTF - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.29 earnings per share for the quarter, missing analysts' consensus estimates of $0.31 by ($0.02). The business had revenue of $325.94 million during the quarter. Blue Owl Technology Finance had a return on equity of 7.43% and a net margin of 32.78%.During the same period in the previous year, the business posted $0.41 earnings per share. On average, equities research analysts anticipate that Blue Owl Technology Finance will post 1.31 earnings per share for the current fiscal year.

Blue Owl Technology Finance announced that its board has approved a share buyback plan on Wednesday, February 18th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to reacquire up to 5.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's leadership believes its stock is undervalued.

Insider Transactions at Blue Owl Technology Finance

In other Blue Owl Technology Finance news, Director Chris Temple purchased 5,000 shares of Blue Owl Technology Finance stock in a transaction dated Wednesday, February 25th. The shares were acquired at an average cost of $11.49 per share, with a total value of $57,450.00. Following the completion of the transaction, the director owned 5,000 shares in the company, valued at approximately $57,450. This trade represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.05% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. QP Wealth Management LLC acquired a new position in Blue Owl Technology Finance during the 4th quarter valued at about $168,000. Wealth Enhancement Advisory Services LLC boosted its holdings in Blue Owl Technology Finance by 137.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 73,992 shares of the company's stock worth $1,044,000 after acquiring an additional 42,888 shares in the last quarter. Norden Group LLC purchased a new stake in shares of Blue Owl Technology Finance during the fourth quarter worth about $169,000. Pallas Capital Advisors LLC grew its stake in shares of Blue Owl Technology Finance by 642.4% during the fourth quarter. Pallas Capital Advisors LLC now owns 85,480 shares of the company's stock worth $1,243,000 after acquiring an additional 73,966 shares during the last quarter. Finally, Generali Investments CEE investicni spolecnost a.s. increased its holdings in shares of Blue Owl Technology Finance by 121.0% during the fourth quarter. Generali Investments CEE investicni spolecnost a.s. now owns 48,426 shares of the company's stock valued at $704,000 after acquiring an additional 26,510 shares in the last quarter.

About Blue Owl Technology Finance

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.

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