Edgestream Partners L.P. Makes New $2.32 Million Investment in SEI Investments (NASDAQ:SEIC)

Edgestream Partners L.P. purchased a new position in shares of SEI Investments (NASDAQ:SEIC) in the third quarter, HoldingsChannel.com reports. The institutional investor purchased 33,477 shares of the asset manager’s stock, valued at approximately $2,316,000.

Other hedge funds have also recently modified their holdings of the company. FMR LLC lifted its stake in SEI Investments by 249.7% in the third quarter. FMR LLC now owns 885,113 shares of the asset manager’s stock worth $61,241,000 after acquiring an additional 632,024 shares during the period. Dimensional Fund Advisors LP raised its position in shares of SEI Investments by 19.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,380,311 shares of the asset manager’s stock valued at $89,291,000 after purchasing an additional 222,631 shares during the last quarter. Jupiter Asset Management Ltd. purchased a new stake in SEI Investments during the 2nd quarter valued at about $7,787,000. Verition Fund Management LLC increased its holdings in SEI Investments by 2,766.3% in the 3rd quarter. Verition Fund Management LLC now owns 111,098 shares of the asset manager’s stock worth $7,687,000 after buying an additional 107,222 shares during the period. Finally, West Coast Financial LLC raised its holdings in shares of SEI Investments by 120.8% during the second quarter. West Coast Financial LLC now owns 116,128 shares of the asset manager’s stock worth $7,512,000 after purchasing an additional 63,537 shares during the last quarter. Institutional investors own 70.59% of the company’s stock.

Insiders Place Their Bets

In other news, Director Carmen Romeo sold 5,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $79.64, for a total value of $398,200.00. Following the transaction, the director now owns 1,577,652 shares in the company, valued at $125,644,205.28. This represents a 0.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael Peterson sold 25,000 shares of the company’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $74.59, for a total value 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 approximately $484,835. The trade was a 79.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 68,064 shares of company stock worth $5,173,529. 14.30% of the stock is owned by insiders.

SEI Investments Price Performance

SEIC opened at $81.92 on Tuesday. SEI Investments has a 12-month low of $59.42 and a 12-month high of $83.15. The firm’s fifty day moving average price is $75.14 and its 200 day moving average price is $69.54. The stock has a market capitalization of $10.56 billion, a PE ratio of 19.79, a P/E/G ratio of 1.56 and a beta of 0.97.

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

SEI Investments announced that its board has authorized a stock buyback program on Tuesday, October 22nd that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the asset manager to buy up to 4.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Morgan Stanley upped their price objective on shares of SEI Investments from $70.00 to $75.00 and gave the stock an “underweight” rating in a research report on Thursday, October 24th. Piper Sandler upped their target price on SEI Investments from $74.00 to $77.00 and gave the company a “neutral” rating in a report on Thursday, October 24th. Finally, Oppenheimer raised their price target on shares of SEI Investments from $81.00 to $85.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, SEI Investments currently has an average rating of “Hold” and an average price target of $77.50.

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.