Wells Fargo & Company Lowers Blue Owl Technology Finance (NYSE:OTF) Price Target to $13.00

Blue Owl Technology Finance (NYSE:OTF) had its target price lowered by research analysts at Wells Fargo & Company from $15.00 to $13.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 8.70% from the company’s previous close.

Separately, Zacks Research raised Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a research report on Monday, January 26th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $13.00.

Blue Owl Technology Finance Stock Performance

Shares of NYSE OTF traded down $0.35 during trading hours on Friday, hitting $11.96. The stock had a trading volume of 1,846,023 shares, compared to its average volume of 1,853,209. Blue Owl Technology Finance has a 52 week low of $11.73 and a 52 week high of $21.62. The stock has a market cap of $5.60 billion and a price-to-earnings ratio of 7.04.

Blue Owl Technology Finance (NYSE:OTF) last posted its earnings results on Wednesday, February 18th. The company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.02). Blue Owl Technology Finance had a net margin of 62.89% and a return on equity of 6.92%. The business had revenue of $320.58 million during the quarter, compared to analyst estimates of $326.27 million.

Blue Owl Technology Finance announced that its Board of Directors has initiated a stock buyback plan on Wednesday, February 18th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 5.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Blue Owl Technology Finance

Hedge funds and other institutional investors have recently modified their holdings of the stock. NewEdge Wealth LLC increased its holdings 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 worth $1,017,000 after purchasing an additional 2,218 shares during the period. Lido Advisors LLC lifted its stake in shares of Blue Owl Technology Finance by 22.6% in the fourth 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 during the period. Newbridge Financial Services Group Inc. acquired a new stake in Blue Owl Technology Finance during the fourth quarter worth about $44,000. Blair William & Co. IL increased its stake in Blue Owl Technology Finance by 41.4% during the fourth quarter. Blair William & Co. IL now owns 14,807 shares of the company’s stock valued at $215,000 after acquiring an additional 4,334 shares during the period. Finally, Clearstead Advisors LLC acquired a new position in Blue Owl Technology Finance in the 4th quarter valued at approximately $124,000.

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.