Technology Select Sector SPDR Fund (NYSEARCA:XLK) Hits New 12-Month High – Still a Buy?

Technology Select Sector SPDR Fund (NYSEARCA:XLK)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $158.16 and last traded at $158.09, with a volume of 13825923 shares changing hands. The stock had previously closed at $154.69.

Technology Select Sector SPDR Fund Stock Up 2.2%

The company has a market cap of $101.90 billion, a PE ratio of 35.59 and a beta of 1.24. The company has a 50-day moving average of $140.36 and a 200-day moving average of $143.03.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of XLK. Brighton Jones LLC boosted its position in shares of Technology Select Sector SPDR Fund by 21.6% during the fourth quarter. Brighton Jones LLC now owns 9,477 shares of the exchange traded fund’s stock valued at $2,204,000 after buying an additional 1,684 shares during the last quarter. Revolve Wealth Partners LLC purchased a new position in Technology Select Sector SPDR Fund in the fourth quarter worth $204,000. Bison Wealth LLC boosted its position in Technology Select Sector SPDR Fund by 9.0% in the fourth quarter. Bison Wealth LLC now owns 4,673 shares of the exchange traded fund’s stock worth $1,087,000 after purchasing an additional 385 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its position in Technology Select Sector SPDR Fund by 61.9% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,603,396 shares of the exchange traded fund’s stock worth $659,258,000 after purchasing an additional 995,444 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Technology Select Sector SPDR Fund by 27.8% in the second quarter. Russell Investments Group Ltd. now owns 4,635 shares of the exchange traded fund’s stock worth $1,174,000 after purchasing an additional 1,009 shares during the last quarter.

Technology Select Sector SPDR Fund Company Profile

The Technology Select Sector SPDR Fund is an exchange-traded fund that aims to track, before fees and expenses, the performance of the Technology Select Sector Index. The index is designed to represent the technology companies within the S&P 500 and provides concentrated exposure to industries such as software, semiconductors, IT services, communications equipment, and technology hardware.