First Trust Cloud Computing ETF (NASDAQ:SKYY) Hits New 12-Month High – Should You Buy?

First Trust Cloud Computing ETF (NASDAQ:SKYY) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $169.41 and last traded at $168.2480, with a volume of 17450 shares changing hands. The stock had previously closed at $168.21.

First Trust Cloud Computing ETF Trading Down 0.6%

The firm has a market capitalization of $3.43 billion, a P/E ratio of 33.85 and a beta of 1.26. The firm has a 50 day moving average price of $153.87 and a 200-day moving average price of $135.03.

Institutional Trading of First Trust Cloud Computing ETF

Several institutional investors and hedge funds have recently modified their holdings of SKYY. Baird Financial Group Inc. raised its position in First Trust Cloud Computing ETF by 4,889.0% during the 2nd quarter. Baird Financial Group Inc. now owns 100,130 shares of the company’s stock worth $13,473,000 after buying an additional 98,123 shares during the last quarter. Navellier & Associates Inc. purchased a new stake in shares of First Trust Cloud Computing ETF in the second quarter worth about $8,552,000. Kirkwood Financial Services acquired a new stake in First Trust Cloud Computing ETF during the second quarter worth about $11,601,000. Independent Financial Group LLC purchased a new position in First Trust Cloud Computing ETF during the first quarter valued at approximately $5,003,000. Finally, Evelyn Partners Investment Management Europe Ltd acquired a new position in First Trust Cloud Computing ETF in the fourth quarter valued at approximately $5,508,000.

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.