First Trust Cloud Computing ETF (NASDAQ:SKYY) Sets New 52-Week High – Still a Buy?

Shares of First Trust Cloud Computing ETF (NASDAQ:SKYY) reached a new 52-week high on Friday. The stock traded as high as $169.75 and last traded at $169.2280, with a volume of 12311 shares trading hands. The stock had previously closed at $166.96.

First Trust Cloud Computing ETF Stock Performance

The business has a 50-day simple moving average of $158.64 and a two-hundred day simple moving average of $138.00. The company has a market capitalization of $3.43 billion, a price-to-earnings ratio of 33.85 and a beta of 1.26.

Institutional Trading of First Trust Cloud Computing ETF

Hedge funds have recently made changes to their positions in the company. Continuum Advisory LLC purchased a new position in First Trust Cloud Computing ETF during the second quarter worth about $40,000. TD Waterhouse Canada Inc. boosted its holdings in First Trust Cloud Computing ETF by 35.2% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 307 shares of the company’s stock valued at $41,000 after purchasing an additional 80 shares in the last quarter. Capital Advisors Ltd. LLC purchased a new stake in shares of First Trust Cloud Computing ETF in the first quarter valued at approximately $35,000. Howe & Rusling Inc. purchased a new stake in shares of First Trust Cloud Computing ETF during the 1st quarter worth $42,000. Finally, Beacon Investment Advisory Services Inc. purchased a new stake in First Trust Cloud Computing ETF during the second quarter worth about $52,000.

First Trust Cloud Computing ETF Company Profile

The First Trust Cloud Computing ETF (SKYY) is an exchange-traded fund that is based on the ISE Cloud Computing index. The fund tracks an index of companies involved in the cloud computing industry. Stocks are modified-equally-weighted capped at 4.5%. SKYY was launched on Jul 5, 2011 and is managed by First Trust.