U.S. Markets closed
  • S&P 500

    4,185.47
    +15.05 (+0.36%)
     
  • Dow 30

    34,200.67
    +164.68 (+0.48%)
     
  • Nasdaq

    14,052.34
    +13.58 (+0.10%)
     
  • Russell 2000

    2,262.67
    +5.60 (+0.25%)
     
  • Crude Oil

    63.07
    -0.39 (-0.61%)
     
  • Gold

    1,777.30
    +10.50 (+0.59%)
     
  • Silver

    26.04
    +0.08 (+0.29%)
     
  • EUR/USD

    1.1980
    +0.0004 (+0.0359%)
     
  • 10-Yr Bond

    1.5730
    +0.0430 (+2.81%)
     
  • Vix

    16.25
    -0.32 (-1.93%)
     
  • GBP/USD

    1.3842
    +0.0058 (+0.4180%)
     
  • USD/JPY

    108.7900
    +0.0740 (+0.0681%)
     
  • BTC-USD

    61,854.95
    +247.89 (+0.40%)
     
  • CMC Crypto 200

    1,398.97
    +7.26 (+0.52%)
     
  • FTSE 100

    7,019.53
    +36.03 (+0.52%)
     
  • Nikkei 225

    29,683.37
    +40.68 (+0.14%)
     

Cloud Computing (SKYY) Hits New 52-Week High

  • Oops!
    Something went wrong.
    Please try again later.
Sanghamitra Saha
  • Oops!
    Something went wrong.
    Please try again later.

For investors seeking momentum, First Trust Cloud Computing ETF SKYY is probably on radar now. The fund just hit a 52-week high, which is up roughly 26.8% from its 52-week low price of $45.36/share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:

SKYY in Focus

The fund looks to track the ISE Cloud Computing Index is a modified market capitalization weighted index designed to track the performance of companies actively involved in the cloud-computing industry. It charges 60 bps in fees (see all Technology ETFs here).

Why the Move?

Cloud computing is a fast-growing technology space. It is a process in which data or software is stored outside a computer. Research firm Gartner expects worldwide public cloud services market is estimated to grow 17.3% in 2019 to total $206.2 billion, up from $175.8 billion in 2018.

More Gains Ahead?

The fund has a a positive weighted alpha of 13.90, which hints at more gains. So, there is definitely still some promise for those who want to ride on this ETF a little longer.

Want key ETF info delivered straight to your inbox? Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
First Trust Cloud Computing ETF (SKYY): ETF Research Reports
 
To read this article on Zacks.com click here.
 
Zacks Investment Research
 
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report