SEI Investments (NASDAQ:SEIC) Price Target Raised to $87.00

SEI Investments (NASDAQ:SEIC) had its target price boosted by equities researchers at Piper Sandler from $77.00 to $87.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the asset manager’s stock. Piper Sandler’s price target indicates a potential upside of 5.14% from the company’s current price.

Other analysts also recently issued reports about the company. Oppenheimer raised their target price on SEI Investments from $81.00 to $85.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Keefe, Bruyette & Woods lifted their price objective on SEI Investments from $76.00 to $86.00 and gave the stock a “market perform” rating in a report on Friday. Finally, Morgan Stanley upped their price objective on shares of SEI Investments from $70.00 to $75.00 and gave the company an “underweight” rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $83.25.

SEI Investments Stock Performance

Shares of NASDAQ:SEIC opened at $82.75 on Monday. The company has a market capitalization of $10.67 billion, a P/E ratio of 19.99, a price-to-earnings-growth ratio of 1.62 and a beta of 0.98. The company’s 50-day moving average is $79.45 and its 200 day moving average is $71.25. SEI Investments has a fifty-two week low of $61.58 and a fifty-two week high of $87.25.

SEI Investments (NASDAQ:SEIC) last released its earnings results on Wednesday, October 23rd. The asset manager reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.07 by $0.12. SEI Investments had a net margin of 26.60% and a return on equity of 24.29%. The firm had revenue of $537.40 million during the quarter, compared to the consensus estimate of $534.08 million. During the same period in the prior year, the firm earned $0.87 EPS. The company’s revenue was up 12.7% compared to the same quarter last year. As a group, research analysts predict that SEI Investments will post 4.41 earnings per share for the current year.

SEI Investments declared that its Board of Directors has approved a stock repurchase program on Tuesday, October 22nd that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the asset manager to buy up to 4.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at SEI Investments

In other news, EVP Michael Peterson sold 25,000 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $74.59, for a total transaction of $1,864,750.00. Following the completion of the transaction, the executive vice president now directly owns 6,500 shares in the company, valued at $484,835. The trade was a 79.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Alfred P. West, Jr. sold 94,158 shares of the company’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $85.73, for a total transaction of $8,072,165.34. Following the completion of the transaction, the chairman now directly owns 7,284,964 shares in the company, valued at approximately $624,539,963.72. The trade was a 1.28 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 239,258 shares of company stock valued at $19,753,402 in the last quarter. 14.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SEI Investments

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SEIC. Fairfield Financial Advisors LTD purchased a new stake in shares of SEI Investments in the 2nd quarter valued at about $30,000. First Horizon Advisors Inc. raised its stake in SEI Investments by 101.3% in the third quarter. First Horizon Advisors Inc. now owns 461 shares of the asset manager’s stock valued at $32,000 after purchasing an additional 232 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt lifted its position in SEI Investments by 925.9% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 554 shares of the asset manager’s stock valued at $38,000 after purchasing an additional 500 shares during the last quarter. Point72 DIFC Ltd purchased a new position in SEI Investments in the 3rd quarter worth approximately $45,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in SEI Investments by 16.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,197 shares of the asset manager’s stock worth $77,000 after buying an additional 168 shares in the last quarter. 70.59% of the stock is currently owned by hedge funds and other institutional investors.

About SEI Investments

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.