Raymond James analyst Patrick O'Shaughnessy downgraded SEI Investments following the Q1 report. The analyst said growth is slowing in both Investment Advisors and Investment Managers segments and views shares as fairly valued.

Reports Q1 revenue $511.58M, consensus $510.41M. "We entered 2024 with continued momentum, reflecting our strategic focus on increasing sales and profitability across SEI. In the first quarter, we delivered strong topline growth and margin expansion-with notable sales and implementation activity in our technology and investment processing businesses," said CEO Ryan Hicke. "We are well-positioned to capitalize on opportunities in the markets we serve globally. Our strong financial position, unmatched set of capabilities, and unique ability to connect the financial services ecosystem enable us to deliver comprehensive solutions to drive growth and deliver long-term value for our clients and shareholders."