Blue Owl Technology Finance (NYSE:OTF) Price Target Cut to $12.00 by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo cut its price target for Blue Owl Technology Finance to $12 (from $13) but kept an overweight rating, implying roughly a 10.8% upside from the prior close.
• The company missed quarterly EPS ($0.29 vs. $0.31 expected) and approved a $300 million stock buyback program, equal to about 5.1% of outstanding shares.

Blue Owl Technology Finance (NYSE:OTF - Get Free Report) had its target price reduced by Wells Fargo & Company from $13.00 to $12.00 in a report released on Friday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's price objective suggests a potential upside of 10.81% from the stock's previous close.

Several other research firms have also commented on OTF. Keefe, Bruyette & Woods lowered their price objective on Blue Owl Technology Finance from $16.00 to $13.00 and set a "market perform" rating on the stock in a research report on Monday, February 23rd. Truist Financial lowered their price objective 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. Zacks Research upgraded Blue Owl Technology Finance from a "strong sell" rating to a "hold" rating in a research report on Monday, January 26th. Finally, Citizens Jmp lowered their price objective 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. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Blue Owl Technology Finance presently has an average rating of "Moderate Buy" and a consensus target price of $14.25.

Blue Owl Technology Finance Trading Down 1.8%

Shares of NYSE:OTF opened at $10.83 on Friday. Blue Owl Technology Finance has a twelve month low of $10.67 and a twelve month high of $21.62. The stock has a 50 day simple moving average of $11.75. The firm has a market cap of $5.00 billion and a P/E ratio of 12.03.

Blue Owl Technology Finance (NYSE:OTF - Get Free Report) last issued 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). Blue Owl Technology Finance had a return on equity of 7.33% and a net margin of 32.78%.The business had revenue of $325.94 million during the quarter. During the same quarter in the previous year, the business posted $0.41 EPS. On average, research analysts anticipate that Blue Owl Technology Finance will post 1.31 EPS for the current year.

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

Insider Activity

In other Blue Owl Technology Finance news, Director Chris Temple bought 5,000 shares of the firm's stock in a transaction dated Wednesday, February 25th. The shares were purchased at an average price of $11.49 per share, for a total transaction of $57,450.00. Following the transaction, the director directly owned 5,000 shares of the company's stock, valued at approximately $57,450. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.05% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. NewEdge Wealth LLC lifted its position in shares of Blue Owl Technology Finance by 3.3% during the 4th quarter. NewEdge Wealth LLC now owns 69,925 shares of the company's stock valued at $1,017,000 after buying an additional 2,218 shares in the last quarter. Lido Advisors LLC lifted its position in shares of Blue Owl Technology Finance by 22.6% during the 4th quarter. Lido Advisors LLC now owns 14,545 shares of the company's stock valued at $208,000 after buying an additional 2,683 shares in the last quarter. Newbridge Financial Services Group Inc. purchased a new position in shares of Blue Owl Technology Finance during the 4th quarter valued at approximately $44,000. Kestra Advisory Services LLC lifted its position in shares of Blue Owl Technology Finance by 39.1% during the 1st quarter. Kestra Advisory Services LLC now owns 12,241 shares of the company's stock valued at $152,000 after buying an additional 3,443 shares in the last quarter. Finally, Blair William & Co. IL lifted its position in shares of Blue Owl Technology Finance by 41.4% during the 4th quarter. Blair William & Co. IL now owns 14,807 shares of the company's stock valued at $215,000 after buying an additional 4,334 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.