Summit Investment Advisors Inc. Trims Stock Position in Jazz Pharmaceuticals plc (NASDAQ:JAZZ)

Summit Investment Advisors Inc. lessened its position in shares of Jazz Pharmaceuticals plc (NASDAQ:JAZZ) by 4.4% during the fourth quarter, HoldingsChannel.com reports. The fund owned 12,109 shares of the specialty pharmaceutical company’s stock after selling 561 shares during the period. Summit Investment Advisors Inc.’s holdings in Jazz Pharmaceuticals were worth $1,491,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. IFP Advisors Inc bought a new position in shares of Jazz Pharmaceuticals in the fourth quarter worth $25,000. Quadrant Capital Group LLC grew its position in Jazz Pharmaceuticals by 97.1% during the fourth quarter. Quadrant Capital Group LLC now owns 205 shares of the specialty pharmaceutical company’s stock worth $25,000 after buying an additional 101 shares in the last quarter. CoreFirst Bank & Trust purchased a new stake in shares of Jazz Pharmaceuticals in the 4th quarter valued at about $28,000. Allianz SE bought a new stake in shares of Jazz Pharmaceuticals during the 4th quarter valued at about $29,000. Finally, Jones Financial Companies Lllp grew its holdings in shares of Jazz Pharmaceuticals by 75.1% during the fourth quarter. Jones Financial Companies Lllp now owns 303 shares of the specialty pharmaceutical company’s stock worth $37,000 after purchasing an additional 130 shares in the last quarter. 89.14% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CMO Robert Iannone sold 7,080 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $138.60, for a total transaction of $981,288.00. Following the completion of the transaction, the chief marketing officer now owns 82,024 shares in the company, valued at $11,368,526.40. This represents a 7.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Patricia Carr sold 4,813 shares of Jazz Pharmaceuticals stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $144.42, for a total transaction of $695,093.46. Following the completion of the sale, the chief accounting officer now owns 8,237 shares in the company, valued at approximately $1,189,587.54. This trade represents a 36.88 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,736 shares of company stock worth $4,023,305. 4.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on JAZZ. Royal Bank of Canada dropped their target price on shares of Jazz Pharmaceuticals from $179.00 to $178.00 and set an “outperform” rating for the company in a research report on Wednesday, February 26th. Piper Sandler reiterated an “overweight” rating and issued a $176.00 target price (up from $163.00) on shares of Jazz Pharmaceuticals in a research report on Wednesday, February 26th. Needham & Company LLC restated a “buy” rating and set a $210.00 price target on shares of Jazz Pharmaceuticals in a research report on Thursday, April 10th. Truist Financial upped their price objective on Jazz Pharmaceuticals from $220.00 to $230.00 and gave the stock a “buy” rating in a report on Thursday, March 6th. Finally, Wells Fargo & Company raised Jazz Pharmaceuticals from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $130.00 to $170.00 in a report on Thursday, February 13th. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $187.71.

Jazz Pharmaceuticals Stock Performance

Jazz Pharmaceuticals stock opened at $101.55 on Thursday. The company has a current ratio of 4.26, a quick ratio of 3.74 and a debt-to-equity ratio of 1.46. The firm has a market cap of $6.17 billion, a P/E ratio of 14.30, a P/E/G ratio of 1.04 and a beta of 0.42. Jazz Pharmaceuticals plc has a 1-year low of $95.49 and a 1-year high of $148.06. The firm has a 50-day moving average of $128.56 and a 200-day moving average of $122.42.

Jazz Pharmaceuticals Company Profile

Jazz Pharmaceuticals plc identifies, develops, and commercializes pharmaceutical products for unmet medical needs in the United States, Europe, and internationally. The company offers Xywav for cataplexy or excessive daytime sleepiness (EDS) with narcolepsy and idiopathic hypersomnia; Xyrem to treat cataplexy or EDS with narcolepsy; Epidiolex for seizures associated with Lennox-Gastaut and Dravet syndromes, or tuberous sclerosis complex; Zepzelca to treat metastatic small cell lung cancer, or with disease progression on or after platinum-based chemotherapy; Rylaze for acute lymphoblastic leukemia or lymphoblastic lymphoma; Enrylaze to treat acute lymphoblastic leukemia and lymphoblastic lymphoma; Defitelio to treat severe hepatic veno-occlusive disease; and Vyxeos for newly-diagnosed therapy-related acute myeloid leukemia.