Technology Select Sector SPDR Fund (NYSEARCA:XLK) Sets New 52-Week High – Still a Buy?

Technology Select Sector SPDR Fund (NYSEARCA:XLK)’s share price reached a new 52-week high on Friday . The company traded as high as $293.75 and last traded at $293.15, with a volume of 647893 shares changing hands. The stock had previously closed at $289.09.

Technology Select Sector SPDR Fund Stock Performance

The firm has a market capitalization of $94.37 billion, a PE ratio of 35.59 and a beta of 1.14. The business’s 50 day moving average is $275.29 and its two-hundred day moving average is $250.62.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of XLK. Kingstone Capital Partners Texas LLC grew its position in shares of Technology Select Sector SPDR Fund by 613,347.6% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 101,114,576 shares of the exchange traded fund’s stock valued at $25,605,244,000 after purchasing an additional 101,098,093 shares in the last quarter. Envestnet Asset Management Inc. grew its position in shares of Technology Select Sector SPDR Fund by 9.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 5,534,255 shares of the exchange traded fund’s stock valued at $1,401,439,000 after purchasing an additional 471,344 shares in the last quarter. CHURCHILL MANAGEMENT Corp grew its position in shares of Technology Select Sector SPDR Fund by 4.1% during the 2nd quarter. CHURCHILL MANAGEMENT Corp now owns 4,809,901 shares of the exchange traded fund’s stock valued at $1,218,011,000 after purchasing an additional 190,006 shares in the last quarter. Laurel Wealth Advisors LLC grew its position in shares of Technology Select Sector SPDR Fund by 27,205.7% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 4,705,862 shares of the exchange traded fund’s stock valued at $1,191,665,000 after purchasing an additional 4,688,628 shares in the last quarter. Finally, Raymond James Financial Inc. grew its position in shares of Technology Select Sector SPDR Fund by 5.4% during the 2nd quarter. Raymond James Financial Inc. now owns 4,455,370 shares of the exchange traded fund’s stock valued at $1,128,234,000 after purchasing an additional 229,683 shares in 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.