Technology Select Sector SPDR Fund (NYSEARCA:XLK) Reaches New 1-Year High – Time to Buy?

Technology Select Sector SPDR Fund (NYSEARCA:XLK)’s share price reached a new 52-week high during trading on Friday. The company traded as high as $201.16 and last traded at $200.8810, with a volume of 843351 shares changing hands. The stock had previously closed at $197.81.

Technology Select Sector SPDR Fund Trading Up 1.4%

The stock has a market cap of $130.61 billion, a PE ratio of 35.59 and a beta of 1.34. The business has a 50-day moving average price of $186.05 and a 200-day moving average price of $174.50.

Hedge Funds Weigh In On Technology Select Sector SPDR Fund

A number of large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE grew its position in shares of Technology Select Sector SPDR Fund by 0.9% in the first quarter. Bank of America Corp DE now owns 23,868,812 shares of the exchange traded fund’s stock valued at $3,172,165,000 after purchasing an additional 214,219 shares during the period. Focus Partners Wealth raised its position in shares of Technology Select Sector SPDR Fund by 96.3% during the 4th quarter. Focus Partners Wealth now owns 13,123,017 shares of the exchange traded fund’s stock worth $1,889,321,000 after purchasing an additional 6,437,393 shares during the last quarter. Royal Bank of Canada raised its position in shares of Technology Select Sector SPDR Fund by 12.9% during the 1st quarter. Royal Bank of Canada now owns 5,951,587 shares of the exchange traded fund’s stock worth $790,966,000 after purchasing an additional 681,227 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in Technology Select Sector SPDR Fund by 86.8% in the 4th quarter. Janney Montgomery Scott LLC now owns 4,443,817 shares of the exchange traded fund’s stock valued at $639,776,000 after buying an additional 2,065,314 shares in the last quarter. Finally, State Street Corp lifted its stake in Technology Select Sector SPDR Fund by 5.5% in the 2nd quarter. State Street Corp now owns 1,523,838 shares of the exchange traded fund’s stock valued at $290,322,000 after buying an additional 78,821 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.