Technology Select Sector SPDR Fund (NYSEARCA:XLK) Sets New 1-Year High – Should You Buy?

Technology Select Sector SPDR Fund (NYSEARCA:XLK) shares hit a new 52-week high on Wednesday . The company traded as high as $241.88 and last traded at $241.67, with a volume of 2739672 shares trading hands. The stock had previously closed at $236.06.

Technology Select Sector SPDR Fund Stock Down 1.0 %

The company has a market cap of $75.12 billion, a PE ratio of 36.81 and a beta of 1.35. The firm’s 50-day moving average is $235.21 and its 200-day moving average is $226.99.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of XLK. CHURCHILL MANAGEMENT Corp raised its stake in shares of Technology Select Sector SPDR Fund by 17.2% in the fourth quarter. CHURCHILL MANAGEMENT Corp now owns 5,133,748 shares of the exchange traded fund’s stock worth $1,193,699,000 after buying an additional 753,883 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of Technology Select Sector SPDR Fund by 7.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 4,212,054 shares of the exchange traded fund’s stock worth $955,478,000 after acquiring an additional 275,102 shares during the last quarter. Truist Financial Corp boosted its position in Technology Select Sector SPDR Fund by 0.8% in the 2nd quarter. Truist Financial Corp now owns 2,837,247 shares of the exchange traded fund’s stock valued at $641,870,000 after buying an additional 22,607 shares during the period. Harel Insurance Investments & Financial Services Ltd. increased its holdings in Technology Select Sector SPDR Fund by 66.8% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,705,408 shares of the exchange traded fund’s stock worth $396,542,000 after purchasing an additional 682,702 shares during the period. Finally, State Street Corp increased its position in Technology Select Sector SPDR Fund by 0.5% during the 3rd quarter. State Street Corp now owns 1,443,399 shares of the exchange traded fund’s stock valued at $325,862,000 after purchasing an additional 6,628 shares during the period.

Technology Select Sector SPDR Fund Company Profile

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.