Jazz Pharmaceuticals PLC $JAZZ Shares Sold by State of Alaska Department of Revenue

Key Points

• State of Alaska Department of Revenue cut its Jazz Pharmaceuticals stake by 27.1%, selling 15,620 shares and ending the quarter with 42,012 shares valued at about $7.14 million.
• Major institutions boosted positions—Goldman Sachs added 209,667 shares (now 351,609) and Royal Bank of Canada added 33,210 shares (now 67,614)—and institutional investors collectively own about 89.14% of the stock.
• Jazz beat quarterly estimates with EPS $6.64 and revenue of $1.20 billion, and Wall Street sentiment is generally positive with a consensus rating of "Moderate Buy" and an average target price of $216.21.

State of Alaska Department of Revenue decreased its holdings in Jazz Pharmaceuticals PLC (NASDAQ:JAZZ - Free Report) by 27.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 42,012 shares of the specialty pharmaceutical company's stock after selling 15,620 shares during the quarter. State of Alaska Department of Revenue owned 0.07% of Jazz Pharmaceuticals worth $7,142,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of JAZZ. Royal Bank of Canada raised its holdings in Jazz Pharmaceuticals by 96.5% in the 1st quarter. Royal Bank of Canada now owns 67,614 shares of the specialty pharmaceutical company's stock worth $8,394,000 after purchasing an additional 33,210 shares during the period. Goldman Sachs Group Inc. raised its holdings in Jazz Pharmaceuticals by 147.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 351,609 shares of the specialty pharmaceutical company's stock worth $43,652,000 after purchasing an additional 209,667 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Jazz Pharmaceuticals by 4.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 197,174 shares of the specialty pharmaceutical company's stock worth $24,479,000 after purchasing an additional 7,954 shares during the period. Focus Partners Wealth raised its holdings in Jazz Pharmaceuticals by 3.4% in the 1st quarter. Focus Partners Wealth now owns 4,623 shares of the specialty pharmaceutical company's stock worth $574,000 after purchasing an additional 154 shares during the period. Finally, Geneos Wealth Management Inc. raised its holdings in Jazz Pharmaceuticals by 57.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 375 shares of the specialty pharmaceutical company's stock worth $47,000 after purchasing an additional 137 shares during the period. Institutional investors and hedge funds own 89.14% of the company's stock.

Jazz Pharmaceuticals Price Performance

NASDAQ:JAZZ opened at $195.31 on Tuesday. Jazz Pharmaceuticals PLC has a 12 month low of $97.50 and a 12 month high of $200.24. The stock has a 50 day moving average of $180.71 and a two-hundred day moving average of $165.10. The company has a current ratio of 1.86, a quick ratio of 1.67 and a debt-to-equity ratio of 1.00. The firm has a market cap of $12.02 billion, a P/E ratio of -32.72, a price-to-earnings-growth ratio of 0.34 and a beta of 0.23.

Jazz Pharmaceuticals (NASDAQ:JAZZ - Get Free Report) last posted its quarterly earnings results on Wednesday, February 25th. The specialty pharmaceutical company reported $6.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.49 by $0.15. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.17 billion. Jazz Pharmaceuticals had a positive return on equity of 6.87% and a negative net margin of 8.35%.The business's revenue was up 8.1% compared to the same quarter last year. During the same period in the prior year, the business earned $6.51 earnings per share. On average, analysts expect that Jazz Pharmaceuticals PLC will post 16.96 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on JAZZ. Morgan Stanley upped their price target on Jazz Pharmaceuticals from $225.00 to $226.00 and gave the stock an "overweight" rating in a report on Wednesday, February 25th. Barclays reiterated an "overweight" rating and set a $224.00 price objective on shares of Jazz Pharmaceuticals in a research note on Monday, March 9th. Wells Fargo & Company boosted their price objective on Jazz Pharmaceuticals from $235.00 to $250.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 25th. Raymond James Financial began coverage on Jazz Pharmaceuticals in a research note on Friday. They set an "outperform" rating and a $227.00 price objective for the company. Finally, Truist Financial upgraded Jazz Pharmaceuticals to a "strong-buy" rating in a research note on Wednesday, March 25th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $216.21.

Insiders Place Their Bets

In other news, Director Norbert G. Riedel sold 3,415 shares of the company's stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $192.00, for a total value of $655,680.00. Following the completion of the sale, the director directly owned 7,024 shares in the company, valued at $1,348,608. This represents a 32.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Patricia Carr sold 1,287 shares of the company's stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $182.94, for a total value of $235,443.78. Following the completion of the sale, the chief accounting officer owned 6,512 shares of the company's stock, valued at $1,191,305.28. This trade represents a 16.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 74,015 shares of company stock valued at $14,180,486. Insiders own 4.30% of the company's stock.

Jazz Pharmaceuticals Profile

Jazz Pharmaceuticals plc is a global biopharmaceutical company focused on developing and commercializing therapies in neuroscience and oncology. The company's research and development efforts target unmet medical needs in sleep disorders, hematologic malignancies, rare neurological conditions and solid tumors. Jazz's product portfolio includes therapies for narcolepsy, hepatic veno-occlusive disease, acute myeloid leukemia and other serious disorders.

Flagship products from Jazz Pharmaceuticals include Xyrem® (sodium oxybate) and Xywav® (calcium, magnesium, potassium, and sodium oxybates) for the treatment of cataplexy and excessive daytime sleepiness in patients with narcolepsy.

Want to see what other hedge funds are holding JAZZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Jazz Pharmaceuticals PLC (NASDAQ:JAZZ - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.