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

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

Other research analysts have also recently issued research reports about the company. Royal Bank Of Canada decreased their target price on Blue Owl Technology Finance from $14.00 to $12.00 and set a “sector perform” rating for the company in a research note on Monday, May 18th. Wells Fargo & Company decreased their target price on Blue Owl Technology Finance from $13.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Truist Financial decreased their target price on Blue Owl Technology Finance from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, May 19th. Citizens Jmp decreased 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 research note on Wednesday, April 22nd. Finally, Keefe, Bruyette & Woods decreased their target price on Blue Owl Technology Finance from $13.00 to $12.00 and set a “market perform” rating for the company in a research note on Tuesday, May 12th. 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 presently has an average rating of “Moderate Buy” and a consensus target price of $13.40.

Blue Owl Technology Finance Stock Performance

NYSE:OTF opened at $11.04 on Wednesday. Blue Owl Technology Finance has a 1 year low of $10.48 and a 1 year high of $21.62. The company has a market capitalization of $5.11 billion and a PE ratio of 12.26. The stock has a fifty day simple moving average of $11.23.

Blue Owl Technology Finance (NYSE:OTF) last announced its 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 net margin of 32.78% and a return on equity of 7.43%. The firm had revenue of $222.12 million for the quarter. During the same period in the prior year, the company earned $0.41 earnings per share. Equities analysts expect that Blue Owl Technology Finance will post 1.26 EPS for the current fiscal year.

Blue Owl Technology Finance announced that its Board of Directors has approved a stock repurchase plan 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 shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Blue Owl Technology Finance

In related news, Director Chris Temple bought 7,000 shares of Blue Owl Technology Finance stock in a transaction dated Friday, May 22nd. The stock was acquired at an average cost of $10.71 per share, with a total value of $74,970.00. Following the completion of the acquisition, the director directly owned 12,000 shares in the company, valued at approximately $128,520. This trade represents a 140.00% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Melissa Weiler bought 10,000 shares of Blue Owl Technology Finance stock in a transaction dated Wednesday, May 13th. The shares were bought at an average cost of $10.90 per share, with a total value of $109,000.00. Following the completion of the acquisition, the director owned 10,000 shares of the company’s stock, valued at $109,000. The trade was a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have bought 18,000 shares of company stock valued at $194,710. 0.05% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Blue Owl Technology Finance

Several hedge funds have recently bought and sold shares of the business. NewEdge Advisors LLC raised its stake in shares of Blue Owl Technology Finance by 271.1% during the 1st quarter. NewEdge Advisors LLC now owns 63,378 shares of the company’s stock worth $785,000 after purchasing an additional 46,300 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Blue Owl Technology Finance by 54.5% during the 1st quarter. Bank of America Corp DE now owns 1,098,349 shares of the company’s stock valued at $13,609,000 after acquiring an additional 387,404 shares during the last quarter. Ashton Thomas Securities LLC acquired a new position in shares of Blue Owl Technology Finance during the 1st quarter valued at about $200,000. Pine Ridge Advisers LLC grew its holdings in Blue Owl Technology Finance by 100.0% in the 1st quarter. Pine Ridge Advisers LLC now owns 1,022,732 shares of the company’s stock valued at $12,672,000 after buying an additional 511,368 shares during the last quarter. Finally, California State Teachers Retirement System acquired a new stake in Blue Owl Technology Finance in the 1st quarter valued at approximately $250,556,000.

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.