First Trust Dow Jones Internet Index Fund (NYSEARCA:FDN) Hits New 1-Year High – Time to Buy?

First Trust Dow Jones Internet Index Fund (NYSEARCA:FDN)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $293.67 and last traded at $290.9920, with a volume of 15026 shares changing hands. The stock had previously closed at $290.31.

First Trust Dow Jones Internet Index Fund Trading Up 1.3%

The company has a 50 day moving average price of $271.26 and a 200 day moving average price of $259.71. The firm has a market cap of $5.57 billion, a PE ratio of 32.59 and a beta of 1.22.

Hedge Funds Weigh In On First Trust Dow Jones Internet Index Fund

Several hedge funds and other institutional investors have recently bought and sold shares of FDN. Flaharty Asset Management LLC raised its stake in shares of First Trust Dow Jones Internet Index Fund by 0.6% during the 4th quarter. Flaharty Asset Management LLC now owns 7,537 shares of the company’s stock worth $2,029,000 after buying an additional 42 shares during the last quarter. Petix & Botte Co grew its stake in First Trust Dow Jones Internet Index Fund by 4.1% in the 1st quarter. Petix & Botte Co now owns 1,284 shares of the company’s stock valued at $300,000 after acquiring an additional 50 shares during the last quarter. FSB Premier Wealth Management Inc. grew its stake in First Trust Dow Jones Internet Index Fund by 4.3% in the 2nd quarter. FSB Premier Wealth Management Inc. now owns 1,392 shares of the company’s stock valued at $375,000 after acquiring an additional 57 shares during the last quarter. Brookstone Capital Management increased its holdings in First Trust Dow Jones Internet Index Fund by 1.5% during the 1st quarter. Brookstone Capital Management now owns 4,080 shares of the company’s stock valued at $955,000 after acquiring an additional 60 shares in the last quarter. Finally, Topsail Wealth Management LLC increased its holdings in First Trust Dow Jones Internet Index Fund by 2.4% during the 4th quarter. Topsail Wealth Management LLC now owns 3,159 shares of the company’s stock valued at $850,000 after acquiring an additional 74 shares in the last quarter. 70.10% of the stock is owned by institutional investors and hedge funds.

About First Trust Dow Jones Internet Index Fund

First Trust Dow Jones Internet Index Fund (the Fund) seeks investment results that correspond generally to the price and yield of an equity index called the Dow Jones Internet Composite Index (the Index). The Fund will normally invest at least 90% of its total assets in common stocks that comprise the Index. The Index represents companies that generate the majority of their revenues via the Internet. The Index aims to represent 80% of the float-adjusted Internet equity universe. The Index contains two sub-indexes, the Dow Jones Internet Commerce Index and the Dow Jones Internet Services Index.