Technology Select Sector SPDR Fund (NYSEARCA:XLK) Shares Pass Above 50 Day Moving Average – What’s Next?

Technology Select Sector SPDR Fund (NYSEARCA:XLK) shares passed 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 Trading Down 2.0 %

The stock has a market cap of $73.44 billion, a P/E ratio of 36.81 and a beta of 1.35. The firm has a 50-day simple moving average of $234.70 and a two-hundred day simple moving average of $226.53.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in XLK. Envestnet Asset Management Inc. raised its position in shares of Technology Select Sector SPDR Fund by 8.7% in the 2nd 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 buying an additional 434,334 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in Technology Select Sector SPDR Fund by 7.0% during the second quarter. Ameriprise Financial Inc. now owns 4,212,054 shares of the exchange traded fund’s stock worth $955,478,000 after purchasing an additional 275,102 shares during the last quarter. Truist Financial Corp boosted its holdings in shares of 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 purchasing an additional 22,607 shares in the last quarter. State Street Corp increased its stake in shares of Technology Select Sector SPDR Fund by 0.5% in 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 last quarter. Finally, US Bancorp DE raised its holdings in shares of Technology Select Sector SPDR Fund by 2.7% during the 3rd quarter. US Bancorp DE now owns 1,434,622 shares of the exchange traded fund’s stock worth $323,880,000 after buying an additional 37,286 shares in the last quarter.

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.