First Trust Cloud Computing ETF (NASDAQ:SKYY) Sets New 1-Year High – Time to Buy?

First Trust Cloud Computing ETF (NASDAQ:SKYY)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $156.32 and last traded at $155.72, with a volume of 20064 shares. The stock had previously closed at $153.43.

First Trust Cloud Computing ETF Stock Performance

The firm’s fifty day simple moving average is $137.44 and its 200 day simple moving average is $124.23. The stock has a market capitalization of $3.10 billion, a P/E ratio of 33.85 and a beta of 1.24.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SKYY. Parallel Advisors LLC increased its stake in First Trust Cloud Computing ETF by 97.0% in the third quarter. Parallel Advisors LLC now owns 197 shares of the company’s stock valued at $26,000 after acquiring an additional 97 shares during the last quarter. N.E.W. Advisory Services LLC bought a new stake in First Trust Cloud Computing ETF during the fourth quarter worth $30,000. Franklin Resources Inc. bought a new stake in First Trust Cloud Computing ETF during the fourth quarter worth $33,000. Russell Investments Group Ltd. boosted its holdings in shares of First Trust Cloud Computing ETF by 177.9% in the 4th quarter. Russell Investments Group Ltd. now owns 289 shares of the company’s stock valued at $38,000 after purchasing an additional 185 shares in the last quarter. Finally, Capital Advisors Ltd. LLC acquired a new stake in shares of First Trust Cloud Computing ETF in the 1st quarter valued at $35,000.

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.