First Trust Cloud Computing ETF (NASDAQ:SKYY) Hits New 52-Week High – Time to Buy?

First Trust Cloud Computing ETF (NASDAQ:SKYY) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $127.26 and last traded at $127.21, with a volume of 12881 shares changing hands. The stock had previously closed at $123.33.

First Trust Cloud Computing ETF Price Performance

The company’s 50 day moving average price is $110.68 and its 200 day moving average price is $100.35. The firm has a market capitalization of $3.74 billion, a P/E ratio of 33.21 and a beta of 1.06.

Institutional Trading of First Trust Cloud Computing ETF

Several hedge funds have recently modified their holdings of the stock. EdgeRock Capital LLC bought a new position in First Trust Cloud Computing ETF in the second quarter valued at approximately $33,000. Morse Asset Management Inc bought a new position in First Trust Cloud Computing ETF in the third quarter valued at approximately $40,000. Blue Trust Inc. bought a new position in First Trust Cloud Computing ETF in the second quarter valued at approximately $48,000. Values First Advisors Inc. bought a new position in First Trust Cloud Computing ETF in the third quarter valued at approximately $49,000. Finally, Banque Cantonale Vaudoise bought a new position in First Trust Cloud Computing ETF in the second quarter valued at approximately $54,000.

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.