The Xero Limited (ASX:XRO) share price has tipped the $40 mark today, hitting another 52-week high of $40.60 in earlier trade before settling slightly to $40.34 at the time of writing.
Today’s move in the Xero Limited share price comes on a choppy day for the stock market. The S&P/ASX 200 Index opening slightly higher, reaching a 3-month high before shedding 34.8 points or 0.57% to trade at 6063.50.
It has been a wonderful 12 months for shareholders in the company.
Over the past year the Xero Limited share price has gained a robust 106.57%, compared to a gain of 3.17% for the S&P/ASX 200 Index. The stock trades towards the top end of its 52 week range.
Xero Limited posted its most recent half year results in November 2017, announcing revenue had grown by 37% and that net subscriber additions had accelerated, adding 337,000 in the 12 months period up to 30 September 2017.
Earlier this week, broker UBS upgraded the stock to a neutral recommendation and increased its share price target to $42.50, saying it believes that within five years, the Xero share price could be worth more than $100.
On April 1, Xero’s founder Rod Drury officially stepped down as CEO, succeeded by Steve Vamos, former CEO of Microsoft Australia.
With a market capitalisation of $5.41 billion, Xero Limited is the 76th largest company quoted on the ASX.
Over the past 12 months the company has not paid a dividend.