First Trust Cloud Computing ETF (NASDAQ:SKYY) Sees Large Volume Increase – Should You Buy?

First Trust Cloud Computing ETF (NASDAQ:SKYY) saw unusually-strong trading volume on Friday . Approximately 371,599 shares traded hands during mid-day trading, an increase of 31% from the previous session’s volume of 283,958 shares.The stock last traded at $104.56 and had previously closed at $107.84.

First Trust Cloud Computing ETF Stock Performance

The stock’s 50-day moving average price is $111.53 and its two-hundred day moving average price is $124.71. The stock has a market capitalization of $2.22 billion, a PE ratio of 33.85 and a beta of 1.21.

Institutional Trading of First Trust Cloud Computing ETF

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. grew its position in First Trust Cloud Computing ETF by 12,567.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,301,211 shares of the company’s stock valued at $429,422,000 after purchasing an additional 3,275,151 shares during the last quarter. LPL Financial LLC grew its position in First Trust Cloud Computing ETF by 2.0% during the 4th quarter. LPL Financial LLC now owns 917,710 shares of the company’s stock valued at $119,376,000 after purchasing an additional 17,690 shares during the last quarter. UBS Group AG grew its position in First Trust Cloud Computing ETF by 2.1% during the 3rd quarter. UBS Group AG now owns 538,996 shares of the company’s stock valued at $72,452,000 after purchasing an additional 11,236 shares during the last quarter. Wells Fargo & Company MN grew its position in First Trust Cloud Computing ETF by 16.4% during the 4th quarter. Wells Fargo & Company MN now owns 335,915 shares of the company’s stock valued at $43,696,000 after purchasing an additional 47,229 shares during the last quarter. Finally, Royal Bank of Canada grew its position in First Trust Cloud Computing ETF by 8.3% during the 4th quarter. Royal Bank of Canada now owns 188,407 shares of the company’s stock valued at $24,508,000 after purchasing an additional 14,457 shares during the last quarter.

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.