First Trust Cloud Computing ETF (NASDAQ:SKYY) Sets New 12-Month High – Should You Buy?

Shares of First Trust Cloud Computing ETF (NASDAQ:SKYY) hit a new 52-week high during trading on Wednesday . The company traded as high as $156.32 and last traded at $155.72, with a volume of 20064 shares trading hands. The stock had previously closed at $153.43.

First Trust Cloud Computing ETF Stock Performance

The company’s fifty day moving average is $138.17 and its two-hundred day moving average is $124.61. The firm has a market cap of $3.01 billion, a price-to-earnings ratio of 33.85 and a beta of 1.24.

Institutional Investors Weigh In On First Trust Cloud Computing ETF

Several hedge funds have recently modified their holdings of SKYY. Parallel Advisors LLC grew its position in First Trust Cloud Computing ETF by 97.0% in the third quarter. Parallel Advisors LLC now owns 197 shares of the company’s stock valued at $26,000 after acquiring an additional 97 shares in the last quarter. N.E.W. Advisory Services LLC acquired a new stake in First Trust Cloud Computing ETF during the 4th quarter valued at $30,000. Franklin Resources Inc. purchased a new stake in First Trust Cloud Computing ETF during the 4th quarter worth $33,000. Russell Investments Group Ltd. lifted its holdings in First Trust Cloud Computing ETF by 177.9% in the 4th quarter. Russell Investments Group Ltd. now owns 289 shares of the company’s stock worth $38,000 after buying an additional 185 shares in the last quarter. Finally, Continuum Advisory LLC purchased a new position in First Trust Cloud Computing ETF in the 2nd quarter valued at about $40,000.

About First Trust Cloud Computing ETF

The First Trust Cloud Computing ETF (SKYY) is an exchange-traded fund that is based on the ISE Cloud Computing index. The fund tracks an index of companies involved in the cloud computing industry. Stocks are modified-equally-weighted capped at 4.5%. SKYY was launched on Jul 5, 2011 and is managed by First Trust.