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

Technology Select Sector SPDR Fund (NYSEARCA:XLK) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $154.62 and last traded at $154.19, with a volume of 1385250 shares changing hands. The stock had previously closed at $152.02.

Technology Select Sector SPDR Fund Stock Up 1.7%

The company has a market capitalization of $98.80 billion, a price-to-earnings ratio of 35.59 and a beta of 1.24. The business’s 50-day moving average is $139.33 and its 200-day moving average is $142.64.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Exencial Wealth Advisors LLC lifted its position in Technology Select Sector SPDR Fund by 0.4% during the third quarter. Exencial Wealth Advisors LLC now owns 9,207 shares of the exchange traded fund’s stock valued at $2,595,000 after purchasing an additional 36 shares during the period. Goelzer Investment Management Inc. lifted its position in Technology Select Sector SPDR Fund by 1.6% during the third quarter. Goelzer Investment Management Inc. now owns 2,480 shares of the exchange traded fund’s stock valued at $699,000 after purchasing an additional 38 shares during the period. Finemark National Bank & Trust lifted its position in Technology Select Sector SPDR Fund by 0.3% during the third quarter. Finemark National Bank & Trust now owns 11,643 shares of the exchange traded fund’s stock valued at $3,282,000 after purchasing an additional 38 shares during the period. Rakuten Securities Inc. lifted its position in Technology Select Sector SPDR Fund by 30.2% during the second quarter. Rakuten Securities Inc. now owns 164 shares of the exchange traded fund’s stock valued at $42,000 after purchasing an additional 38 shares during the period. Finally, Moors & Cabot Inc. increased its holdings in Technology Select Sector SPDR Fund by 0.4% in the third quarter. Moors & Cabot Inc. now owns 9,365 shares of the exchange traded fund’s stock valued at $2,639,000 after buying an additional 39 shares in the last quarter.

About Technology Select Sector SPDR Fund

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.