Why the Xero Limited (ASX:XRO) share price is gaining ground today

The Xero Limited (ASX: XRO) share price is up 2.4% to $41.96 to kick off the week’s trading as investors continue to rally behind the accounting software company.

Xero shares have a one-year return of 35.78% at present, not quite the dizzying heights of Afterpay Touch Group Ltd (ASX: APT), whose shares have risen 152% in the last 12 months, but a solid gain nonetheless.

With no recent news on the Xero registry, its recent share price gains can possibly be attributed to its continued strong sales growth and rising subscriber numbers, with Xero’s future growth capacity tied closely to its likely ability to crack the lucrative US market.

Another tech-based S&P/ASX 200 company worth keeping on watch is global technology solutions player Iress Ltd (ASX: IRE).

The Iress share price looks to be back on the incline after a succession of falls throughout September and October.

So will there ever come a time when tech stocks are considered blue chips?

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO and Xero. The Motley Fool Australia has recommended IRESS Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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