UPDATE: Oppenheimer Downgrades SEI Investments to Perform

Oppenheimer is out with its report today on SEI Investments

, downgrading SEIC from Outperform to Perform. In its report, Oppenheimer writes, "Reflecting recent market volatility/weakness, sluggish sales trends with potential for further elongation of sales cycles and rising costs, we're downgrading SEIC to Perform from Outperform, reducing estimates and removing our $26 PT." At the time of posting, shares of SEIC were trading at $15.91, down 5.75% from Friday's close.