XERO FPO NZ (ASX: XRO) has been one of the top returning stocks on the ASX over the last month! Shareholders have received a staggering 33% return, compared to just 2% for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO).
What Happened?
Xero's share price has maintained its impressive momentum from February to rise from an all-time low of $13.76 to today's price of $23.51 after the company announced a massive investment from an international investor and the appointment of a new head of US operations.
In a display of public support for loss-making Xero, Silicon Valley-based venture capital firm Accel Partners invested US$100 million in Xero shares at $20, well above the share price at the time.
Xero's CEO Rod Drury also announced the appointment of ex-Dell Executive Russell Fujioka to the role of President of US operations. He will lead Xero's charge to dominate the US market like they have the Australian and New Zealand.
Is it too late to buy Xero shares?
Xero has de-risked its near-term future by boosting its cash balance to $285 million and attracting some top talent. It provides a low-cost but superior service offering which is rapidly gaining traction and acclaim.
