Principal Financial Group Inc. Cuts Stake in Jazz Pharmaceuticals plc (NASDAQ:JAZZ)

Principal Financial Group Inc. reduced its holdings in Jazz Pharmaceuticals plc (NASDAQ:JAZZ - Free Report) by 11.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 209,759 shares of the specialty pharmaceutical company's stock after selling 27,684 shares during the quarter. Principal Financial Group Inc. owned about 0.33% of Jazz Pharmaceuticals worth $22,388,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Kovack Advisors Inc. boosted its holdings in Jazz Pharmaceuticals by 88.8% in the first quarter. Kovack Advisors Inc. now owns 56,599 shares of the specialty pharmaceutical company's stock valued at $6,816,000 after acquiring an additional 26,628 shares in the last quarter. Polaris Capital Management LLC increased its position in shares of Jazz Pharmaceuticals by 2.2% during the fourth quarter. Polaris Capital Management LLC now owns 1,267,460 shares of the specialty pharmaceutical company's stock valued at $155,898,000 after buying an additional 27,100 shares during the period. John G Ullman & Associates Inc. bought a new position in Jazz Pharmaceuticals in the first quarter worth about $3,631,000. Swedbank AB bought a new position in Jazz Pharmaceuticals in the second quarter worth about $106,936,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Jazz Pharmaceuticals in the fourth quarter worth about $380,000. 89.14% of the stock is owned by hedge funds and other institutional investors.

Jazz Pharmaceuticals Stock Down 5.7 %

Shares of NASDAQ:JAZZ traded down $6.66 during trading on Tuesday, reaching $109.32. 1,619,963 shares of the stock traded hands, compared to its average volume of 666,989. Jazz Pharmaceuticals plc has a 52-week low of $99.06 and a 52-week high of $143.32. The stock has a market cap of $6.89 billion, a P/E ratio of 22.54, a price-to-earnings-growth ratio of 1.45 and a beta of 0.58. The stock has a 50-day moving average of $109.69 and a two-hundred day moving average of $112.53. The company has a debt-to-equity ratio of 1.36, a quick ratio of 2.02 and a current ratio of 2.37.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on JAZZ. The Goldman Sachs Group started coverage on Jazz Pharmaceuticals in a report on Wednesday, June 5th. They set a "buy" rating and a $169.00 target price on the stock. Needham & Company LLC decreased their price objective on Jazz Pharmaceuticals from $208.00 to $205.00 and set a "buy" rating for the company in a report on Thursday, August 1st. UBS Group lowered their price objective on Jazz Pharmaceuticals from $117.00 to $113.00 and set a "neutral" rating for the company in a research report on Tuesday, July 2nd. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $140.00 target price on shares of Jazz Pharmaceuticals in a research report on Thursday, August 1st. Finally, Morgan Stanley lowered their price target on shares of Jazz Pharmaceuticals from $160.00 to $150.00 and set an "equal weight" rating for the company in a research report on Friday, July 12th. Four analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Jazz Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus price target of $173.07.

Jazz Pharmaceuticals 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.