SPDR NYSE Technology ETF (NYSEARCA:XNTK) Sets New 52-Week High – Time to Buy?

Shares of SPDR NYSE Technology ETF (NYSEARCA:XNTK) reached a new 52-week high during trading on Friday. The stock traded as high as $392.80 and last traded at $392.3530, with a volume of 1317 shares changing hands. The stock had previously closed at $385.41.

SPDR NYSE Technology ETF Price Performance

The firm’s 50 day simple moving average is $359.89 and its two-hundred day simple moving average is $340.24. The firm has a market capitalization of $2.14 billion, a P/E ratio of 31.16 and a beta of 1.45.

Institutional Investors Weigh In On SPDR NYSE Technology ETF

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Auto Owners Insurance Co grew its stake in shares of SPDR NYSE Technology ETF by 30,856.8% in the fourth quarter. Auto Owners Insurance Co now owns 404,760,008 shares of the company’s stock worth $112,474,711,000 after purchasing an additional 403,452,508 shares during the last quarter. Global Assets Advisory LLC bought a new position in SPDR NYSE Technology ETF during the 1st quarter valued at approximately $67,526,000. Melone Private Wealth LLC purchased a new stake in SPDR NYSE Technology ETF in the 2nd quarter worth approximately $66,253,000. NorthRock Partners LLC purchased a new stake in SPDR NYSE Technology ETF in the 2nd quarter worth approximately $64,063,000. Finally, Envestnet Asset Management Inc. grew its position in shares of SPDR NYSE Technology ETF by 231.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 164,791 shares of the company’s stock worth $64,376,000 after buying an additional 115,103 shares during the last quarter.

About SPDR NYSE Technology ETF

SPDR Morgan Stanley Technology ETF (the Fund) seeks to closely match the returns and characteristics of the Morgan Stanley Technology Index. The Morgan Stanley Technology Index is composed purely of electronics-based technology companies. The Technology Index comprises companies drawn from the following technology sub-sectors: computer services; design software; server software, personal computer (PC) software and new media; networking and telecom equipment; server hardware, PC hardware and peripherals; specialized systems, and semiconductors.