Argent Capital Management LLC Sells 6,865 Shares of Jazz Pharmaceuticals PLC $JAZZ

Key Points

• Argent Capital Management reduced its Jazz Pharmaceuticals position by 3.4% in the third quarter, selling 6,865 shares and retaining 193,207 shares valued at approximately $44.7 million.
• Jazz Pharmaceuticals reported quarterly revenue of $1.21 billion, up 15.5% year over year, although adjusted EPS of $5.71 fell short of analysts’ $6.18 estimate.
• Wall Street remains broadly bullish: the stock has an average “Buy” rating and a consensus price target of $291.15, compared with its reported trading price of $236.22.

Argent Capital Management LLC trimmed its position in shares of Jazz Pharmaceuticals PLC (NASDAQ:JAZZ - Free Report) by 3.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 193,207 shares of the specialty pharmaceutical company's stock after selling 6,865 shares during the period. Jazz Pharmaceuticals makes up about 0.3% of Argent Capital Management LLC's holdings, making the stock its 19th biggest holding. Argent Capital Management LLC owned 0.30% of Jazz Pharmaceuticals worth $44,731,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in JAZZ. Capital World Investors boosted its stake in shares of Jazz Pharmaceuticals by 4.4% during the 4th quarter. Capital World Investors now owns 2,666,602 shares of the specialty pharmaceutical company's stock valued at $453,322,000 after buying an additional 111,735 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Jazz Pharmaceuticals by 164.0% in the fourth quarter. Franklin Resources Inc. now owns 1,818,911 shares of the specialty pharmaceutical company's stock worth $309,215,000 after buying an additional 1,129,995 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Jazz Pharmaceuticals by 44.5% in the first quarter. Bank of New York Mellon Corp now owns 1,679,371 shares of the specialty pharmaceutical company's stock valued at $317,485,000 after acquiring an additional 517,514 shares in the last quarter. Bank of America Corp DE boosted its stake in Jazz Pharmaceuticals by 10.9% during the 1st quarter. Bank of America Corp DE now owns 1,014,800 shares of the specialty pharmaceutical company's stock valued at $191,848,000 after acquiring an additional 99,656 shares during the last quarter. Finally, Sofinnova Investments Inc. boosted its stake in Jazz Pharmaceuticals by 63.0% during the 4th quarter. Sofinnova Investments Inc. now owns 959,860 shares of the specialty pharmaceutical company's stock valued at $163,176,000 after acquiring an additional 371,032 shares during the last quarter. Institutional investors and hedge funds own 89.14% of the company's stock.

Jazz Pharmaceuticals Stock Performance

Jazz Pharmaceuticals stock traded up $0.55 during trading hours on Monday, reaching $236.22. 179,610 shares of the company were exchanged, compared to its average volume of 937,278. Jazz Pharmaceuticals PLC has a 12 month low of $128.80 and a 12 month high of $266.38. The stock has a 50-day moving average of $247.07 and a 200 day moving average of $229.70. The company has a current ratio of 1.78, a quick ratio of 1.58 and a debt-to-equity ratio of 0.69. The firm has a market cap of $15.34 billion, a price-to-earnings ratio of 16.30, a PEG ratio of 0.21 and a beta of 0.37.

Jazz Pharmaceuticals (NASDAQ:JAZZ - Get Free Report) last released its earnings results on Monday, August 3rd. The specialty pharmaceutical company reported $5.71 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $6.18 by ($0.47). The business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.11 billion. Jazz Pharmaceuticals had a net margin of 20.45% and a return on equity of 33.97%. The business's quarterly revenue was up 15.5% compared to the same quarter last year. During the same period last year, the business earned ($8.25) EPS. As a group, research analysts anticipate that Jazz Pharmaceuticals PLC will post 21.61 earnings per share for the current year.

Wall Street Analyst Weigh In

JAZZ has been the subject of several research analyst reports. Truist Financial boosted their target price on shares of Jazz Pharmaceuticals from $264.00 to $281.00 and gave the stock a "buy" rating in a research report on Wednesday, August 26th. Sanford C. Bernstein reaffirmed a "market perform" rating on shares of Jazz Pharmaceuticals in a research report on Tuesday, June 9th. Piper Sandler lifted their price target on Jazz Pharmaceuticals from $301.00 to $310.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 4th. Robert W. Baird upped their price objective on Jazz Pharmaceuticals from $252.00 to $280.00 and gave the company an "outperform" rating in a research note on Tuesday, August 4th. Finally, UBS Group upped their price objective on Jazz Pharmaceuticals from $315.00 to $337.00 and gave the company a "buy" rating in a research note on Friday, September 11th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $291.15.

Insider Transactions at Jazz Pharmaceuticals

In related news, CEO Renee D. Gala sold 2,000 shares of the firm's stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $243.03, for a total transaction of $486,060.00. Following the sale, the chief executive officer directly owned 143,394 shares in the company, valued at $34,849,043.82. This trade represents a 1.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Neena M. Patil sold 1,200 shares of the stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $240.94, for a total value of $289,128.00. Following the transaction, the executive vice president owned 47,671 shares of the company's stock, valued at approximately $11,485,850.74. The trade was a 2.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 92,121 shares of company stock valued at $23,001,022. 4.10% of the stock is owned by company insiders.

About Jazz Pharmaceuticals

Jazz Pharmaceuticals plc is a biopharmaceutical company focused on developing and commercializing medicines for patients with serious neurological and oncology-related conditions. Founded in 2003 and headquartered in Dublin, Ireland, the company operates internationally, with a significant commercial presence in the United States and other markets.

Jazz's neuroscience portfolio includes Xywav and Xyrem, which contain oxybate and are used to treat narcolepsy-related symptoms; Xywav is also approved for idiopathic hypersomnia in adults.

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