Technology Select Sector SPDR Fund (NYSEARCA:XLK) Share Price Passes Above 50-Day Moving Average – Here’s Why

Technology Select Sector SPDR Fund (NYSEARCA:XLK) crossed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $234.70 and traded as high as $240.00. Technology Select Sector SPDR Fund shares last traded at $233.96, with a volume of 5,003,344 shares changing hands.

Technology Select Sector SPDR Fund Stock Performance

The company’s 50 day moving average price is $235.01 and its 200 day moving average price is $226.63. The company has a market cap of $73.42 billion, a price-to-earnings ratio of 36.81 and a beta of 1.35.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Envestnet Asset Management Inc. grew its stake in shares of Technology Select Sector SPDR Fund by 8.7% during the second quarter. Envestnet Asset Management Inc. now owns 5,431,458 shares of the exchange traded fund’s stock valued at $1,228,759,000 after purchasing an additional 434,334 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in Technology Select Sector SPDR Fund by 58.2% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 976,843 shares of the exchange traded fund’s stock worth $220,532,000 after buying an additional 359,197 shares in the last quarter. SG Americas Securities LLC boosted its position in Technology Select Sector SPDR Fund by 226.6% in the 3rd quarter. SG Americas Securities LLC now owns 497,665 shares of the exchange traded fund’s stock valued at $112,353,000 after buying an additional 345,272 shares during the last quarter. Ameriprise Financial Inc. increased its stake in shares of Technology Select Sector SPDR Fund by 7.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 4,212,054 shares of the exchange traded fund’s stock valued at $955,478,000 after buying an additional 275,102 shares during the period. Finally, CoreCap Advisors LLC bought a new stake in shares of Technology Select Sector SPDR Fund during the second quarter worth $54,869,000.

About Technology Select Sector SPDR Fund

Sector SPDR Trust SBI Interest, formerly Technology Select Sector SPDR Fund, seeks to provide investment results that correspond to the price and yield performance of the Technology Select Sector of the S&P 500 Index (the Index). The Index includes companies primarily involved in industries, such as information technology (IT) consulting, semiconductor equipment and products, computers and peripherals, diversified telecommunication services and wireless telecommunication services.It utilizes a passive or indexing investment approach to invest in a portfolio of stocks that seek to replicate the Index.