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

First Trust Cloud Computing ETF (NASDAQ:SKYY)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $107.09 and last traded at $106.96, with a volume of 13200 shares changing hands. The stock had previously closed at $106.32.

First Trust Cloud Computing ETF Price Performance

The stock has a fifty day simple moving average of $99.18 and a 200-day simple moving average of $95.40. The company has a market capitalization of $3.12 billion, a price-to-earnings ratio of 33.21 and a beta of 1.06.

Hedge Funds Weigh In On First Trust Cloud Computing ETF

Several large investors have recently made changes to their positions in SKYY. EdgeRock Capital LLC purchased a new position in First Trust Cloud Computing ETF in the second quarter valued at $33,000. PFS Partners LLC acquired a new stake in shares of First Trust Cloud Computing ETF in the first quarter valued at approximately $43,000. VitalStone Financial LLC lifted its position in First Trust Cloud Computing ETF by 44.4% during the first quarter. VitalStone Financial LLC now owns 465 shares of the company’s stock worth $44,000 after buying an additional 143 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new position in First Trust Cloud Computing ETF during the first quarter worth $48,000. Finally, Blue Trust Inc. purchased a new stake in First Trust Cloud Computing ETF in the 2nd quarter valued at $48,000.

First Trust Cloud Computing ETF Company Profile

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.