Envestnet Asset Management Inc. Acquires 11,787 Shares of SEI Investments (NASDAQ:SEIC)

Envestnet Asset Management Inc. grew its position in SEI Investments (NASDAQ:SEIC - Free Report) by 3.0% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 406,580 shares of the asset manager's stock after acquiring an additional 11,787 shares during the period. Envestnet Asset Management Inc. owned 0.32% of SEI Investments worth $33,535,000 as of its most recent filing with the SEC.

Other hedge funds have also recently made changes to their positions in the company. King Luther Capital Management Corp bought a new stake in SEI Investments during the 4th quarter worth approximately $2,645,000. Boston Trust Walden Corp raised its position in SEI Investments by 1.6% during the 4th quarter. Boston Trust Walden Corp now owns 1,306,329 shares of the asset manager's stock worth $107,746,000 after purchasing an additional 20,020 shares during the last quarter. Longboard Asset Management LP acquired a new position in SEI Investments during the 4th quarter worth about $267,000. New York Life Investment Management LLC bought a new stake in shares of SEI Investments in the 4th quarter valued at about $863,000. Finally, CHURCHILL MANAGEMENT Corp acquired a new position in shares of SEI Investments in the fourth quarter worth approximately $1,818,000. 70.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on SEIC. Morgan Stanley upgraded shares of SEI Investments from an "underweight" rating to an "overweight" rating and lowered their price target for the stock from $81.00 to $77.00 in a report on Monday, April 7th. Raymond James upgraded SEI Investments from a "market perform" rating to an "outperform" rating and set a $99.00 price target for the company in a report on Thursday, January 30th. Piper Sandler cut their target price on SEI Investments from $87.00 to $74.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. StockNews.com downgraded SEI Investments from a "buy" rating to a "hold" rating in a report on Monday, April 7th. Finally, Oppenheimer raised their price objective on shares of SEI Investments from $85.00 to $94.00 and gave the stock an "outperform" rating in a research report on Tuesday, January 7th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $86.80.

Remove Ads

SEI Investments Stock Performance

SEI Investments stock traded down $0.19 during midday trading on Tuesday, reaching $73.26. 715,953 shares of the stock were exchanged, compared to its average volume of 646,775. The company's fifty day moving average is $77.05 and its 200-day moving average is $78.82. SEI Investments has a 52 week low of $62.38 and a 52 week high of $87.25. The firm has a market cap of $9.30 billion, a PE ratio of 16.57, a PEG ratio of 1.41 and a beta of 0.90.

SEI Investments (NASDAQ:SEIC - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The asset manager reported $1.19 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.21 by ($0.02). SEI Investments had a return on equity of 25.51% and a net margin of 27.35%. On average, sell-side analysts anticipate that SEI Investments will post 4.86 earnings per share for the current fiscal year.

SEI Investments announced that its board has approved a stock buyback program on Tuesday, March 18th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the asset manager to purchase up to 5.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

Insider Transactions at SEI Investments

In other SEI Investments news, Chairman Alfred P. West, Jr. sold 72,842 shares of SEI Investments stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $79.45, for a total transaction of $5,787,296.90. Following the completion of the sale, the chairman now directly owns 7,160,080 shares in the company, valued at $568,868,356. The trade was a 1.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mark Andrew Warner sold 5,000 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $80.39, for a total transaction of $401,950.00. Following the completion of the transaction, the insider now directly owns 1,300 shares in the company, valued at $104,507. The trade was a 79.37 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 79,214 shares of company stock valued at $6,293,903. 14.30% of the stock is owned by corporate insiders.

SEI Investments Company Profile

SEI Investments Company is a publicly owned asset management holding company. Through its subsidiaries, the firm provides wealth management, retirement and investment solutions, asset management, asset administration, investment processing outsourcing solutions, financial services, and investment advisory services to its clients.