The Xero share price is at its highest point in a year. Is it still a buy?

The Xero Limited (ASX: XRO) share price soared to a new 52-week high on Friday, peaking at $113.50.

That’s likely left investors notably chuffed. Experts have long tipped the S&P/ASX 200 Index (ASX: XJO) tech share as a potential growth winner.  

But now stock in the accounting software provider has returned to long-forgotten heights, is it still a worthwhile buy? Let’s take a look.

What’s been going on with the Xero share price lately?

The Xero share price has gained 33% over the last 12 months and 61% since the start of 2023, helped along by its recently released full-year earnings.

The stock jumped 9% last month when the company posted a 28% growth in operating revenue and a 45% increase in earnings before interest, tax, depreciation, and amortisation (EBITDA).

Though, it still recorded a loss of approximately $105 million, converted from New Zealand dollars at today’s exchange rate.

The stock is also still 27% lower than its 2021 peak. It was among many ASX 200 growth and technology shares seemingly battered by rising interest rates last year.

Could the stock continue gaining?

 Experts appear hopeful that the Xero share price’s best days are ahead of it.

Among those tipping it as a buy is Goldman Sachs. It said the company’s full-year result depicted a “clean, high quality performance” and believes it has “strong growth ahead”.

It forecasts the stock to soar, labelling it a buy and slapping it with a $130 price target. That represents a potential 14.5% upside on its new 52-week high.

And Goldman Sachs isn’t alone in expecting big things from the tech favourite.

Fellow top broker Citi also has a buy rating on Zero shares, with a smaller price target of $120 – a potential 5.7% upside. It commented, courtesy of my Fool colleague James:

We see Xero’s focus (under the new CEO) on efficient growth as a step in the right direction.