Technology Select Sector SPDR Fund (NYSEARCA:XLK) Sets New 52-Week High – Here’s Why

Technology Select Sector SPDR Fund (NYSEARCA:XLK) hit a new 52-week high during trading on Tuesday . The stock traded as high as $289.44 and last traded at $287.60, with a volume of 8967663 shares. The stock had previously closed at $284.72.

Technology Select Sector SPDR Fund Price Performance

The company’s fifty day simple moving average is $269.03 and its 200-day simple moving average is $242.60. The firm has a market capitalization of $91.96 billion, a PE ratio of 35.59 and a beta of 1.14.

Hedge Funds Weigh In On Technology Select Sector SPDR Fund

Several hedge funds and other institutional investors have recently made changes to their positions in XLK. Sanders Morris Harris LLC purchased a new stake in shares of Technology Select Sector SPDR Fund during the third quarter worth approximately $267,000. Mirador Capital Partners LP grew its holdings in shares of Technology Select Sector SPDR Fund by 8.6% during the third quarter. Mirador Capital Partners LP now owns 2,145 shares of the exchange traded fund’s stock worth $605,000 after buying an additional 169 shares in the last quarter. Thrive Wealth Management LLC acquired a new stake in shares of Technology Select Sector SPDR Fund in the third quarter valued at about $213,000. Destiny Wealth Partners LLC lifted its stake in shares of Technology Select Sector SPDR Fund by 1.8% in the third quarter. Destiny Wealth Partners LLC now owns 68,945 shares of the exchange traded fund’s stock worth $19,433,000 after buying an additional 1,238 shares in the last quarter. Finally, ARS Wealth Advisors Group LLC boosted its position in Technology Select Sector SPDR Fund by 1.0% during the third quarter. ARS Wealth Advisors Group LLC now owns 118,393 shares of the exchange traded fund’s stock worth $33,370,000 after acquiring an additional 1,164 shares during the last quarter.

Technology Select Sector SPDR Fund Company Profile

Sector SPDR Trust SBI Interest, formerly Technology Select Sector SPDR Fund, seeks to provide investment results that correspond to the price and yield performance of the Technology Select Sector of the S&P 500 Index (the Index). The Index includes companies primarily involved in industries, such as information technology (IT) consulting, semiconductor equipment and products, computers and peripherals, diversified telecommunication services and wireless telecommunication services.It utilizes a passive or indexing investment approach to invest in a portfolio of stocks that seek to replicate the Index.