Zacks Research Upgrades Blue Owl Technology Finance (NYSE:OTF) to Hold

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

A number of other research firms have also weighed in on OTF. Truist Financial dropped their price target on shares of 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. Keefe, Bruyette & Woods dropped their price target on shares of 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. Citizens Jmp dropped their price target 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. Royal Bank Of Canada dropped their price target on shares of 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. Finally, Wells Fargo & Company dropped their price target on shares of 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. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $13.40.

Blue Owl Technology Finance Stock Down 0.2%

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

Blue Owl Technology Finance (NYSE:OTF) last posted its earnings results 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). Blue Owl Technology Finance had a return on equity of 7.43% and a net margin of 32.78%.The business had revenue of $222.12 million during the quarter. During the same quarter in the previous year, the company earned $0.41 EPS. Sell-side analysts predict 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 has authorized a share repurchase plan on Wednesday, February 18th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 5.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

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

Institutional Trading of Blue Owl Technology Finance

Hedge funds have recently added to or reduced their stakes in the stock. Orange County Employees Retirement System bought a new stake in Blue Owl Technology Finance in the fourth quarter worth about $116,497,000. Bayshore Capital Advisors LLC bought a new stake in Blue Owl Technology Finance in the fourth quarter worth about $2,220,000. Requisite Capital Management LLC raised its position in 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 acquiring an additional 394,895 shares during the period. Stephens Inc. AR bought a new stake in Blue Owl Technology Finance in the fourth quarter worth about $8,220,000. Finally, Caz Investments LP raised its position in 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 acquiring an additional 486,172 shares during the period.

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.