Truist Financial Issues Pessimistic Forecast for Blue Owl Technology Finance (NYSE:OTF) Stock Price

Blue Owl Technology Finance (NYSE:OTF) had its target price cut by equities research analysts at Truist Financial from $17.00 to $16.00 in a report issued on Monday, MarketBeat.com reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price target would indicate a potential upside of 39.01% from the stock’s previous close.

Several other analysts also recently issued reports on the company. Zacks Research raised Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a report on Monday, January 26th. Wells Fargo & Company dropped their target price on Blue Owl Technology Finance from $15.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, February 20th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $14.00.

Blue Owl Technology Finance Stock Up 2.9%

NYSE OTF opened at $11.51 on Monday. Blue Owl Technology Finance has a one year low of $10.99 and a one year high of $21.62. The stock has a market capitalization of $5.36 billion and a PE ratio of 6.77.

Blue Owl Technology Finance (NYSE:OTF) last released its quarterly earnings data on Wednesday, February 18th. The company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.02). Blue Owl Technology Finance had a return on equity of 6.91% and a net margin of 62.89%.The business had revenue of $320.58 million for the quarter, compared to analyst estimates of $326.27 million.

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

Hedge Funds Weigh In On Blue Owl Technology Finance

A number of institutional investors and hedge funds have recently bought and sold shares of OTF. Orange County Employees Retirement System bought a new stake in shares of Blue Owl Technology Finance during the 4th quarter worth about $116,497,000. Capricorn Investment Group LLC bought a new position in shares of Blue Owl Technology Finance in the fourth quarter valued at approximately $78,915,000. Rivernorth Capital Management LLC increased its stake in shares of Blue Owl Technology Finance by 374.2% during the fourth quarter. Rivernorth Capital Management LLC now owns 1,934,726 shares of the company’s stock valued at $28,131,000 after acquiring an additional 1,526,695 shares during the period. Franklin Resources Inc. increased its stake in shares of Blue Owl Technology Finance by 155,006.8% during the fourth quarter. Franklin Resources Inc. now owns 1,754,258 shares of the company’s stock valued at $25,507,000 after acquiring an additional 1,753,127 shares during the period. Finally, Caz Investments LP raised its holdings in Blue Owl Technology Finance by 72.2% during the fourth quarter. Caz Investments LP now owns 1,159,339 shares of the company’s stock worth $16,857,000 after purchasing an additional 486,172 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.