Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

US fund manager Fidelity Investments takes Xero shareholding

US fund manager Fidelity Investments takes Xero shareholding

By Paul McBeth

Dec. 9 (BusinessDesk) - US fund manager Fidelity Investments, with US$4.9 trillion under management, has built up a substantial shareholding in local software developer Xero.

The global investor has taken a 5.4 percent stake in Xero, making it the fifth biggest shareholder in the accounting software firm, according to a filing with the NZX. Since Sept. 25, Fidelity, via its FMR LLC unit, has been buying shares in Xero between $15.84 and $21.61 a share, and holds 6.9 million shares in the Wellington-based company.

That ranks the fund manager behind chief executive Rod Drury's holding at 17 percent, Craig Winkler's 14 percent stake, Boston-based Matrix Capital's 9.8 percent holding, and Silicon Valley investor Peter Thiel's 6.7 percent investment.

Shares of Xero fell 2.9 percent to $16.01, and have plunged from a peak of $45.99 in March when it was caught up in a global sell off of momentum stocks in the biotech and IT sectors, and as investors weigh up the software developer's plans to expand in North America.

The stock is rated an average 'sell' based on five analyst recommendations compiled by Reuters, with a median price target of $18.50.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Maritime Union: Deepening Supply Chain Crisis Requires Action

Maritime Union of New Zealand National Secretary Craig Harrison says the global COVID-19 pandemic exposed pre-existing weaknesses in our logistics sector, and created enormous problems... More>>



Air New Zealand: Employees Recognised With $1,000 Share Award

The efforts Air New Zealand employees made during one of the airline’s toughest years will be recognised via an award of $1,000 worth of company shares to all permanent employees... More>>

Consumer NZ: Bank Complaints On The Rise, Survey Shows

Nearly one in five Kiwis had a problem with their bank in the past year, Consumer NZ’s latest satisfaction survey finds. Consumer NZ chief executive Jon Duffy said the number of bank customers reporting problems had jumped to 18%, up from 11% in 2020... More>>

Mercury: Enters Into Binding Agreements To Acquire Trustpower’s Retail Business

Mercury NZ Limited (Mercury) has announced that it has entered into binding agreements with Trustpower Limited (Trustpower, NZX:TPW) to acquire Trustpower’s retail business for NZ$441 million... More>>

ALSO:


ASB: New Zealanders Missing Out On Hundreds Of Millions In KiwiSaver Government Contributions

New Zealanders have just over a week to ensure they’re eligible for the maximum annual government KiwiSaver contribution... More>>


Stats NZ: GDP Climbs 1.6 Percent In March 2021 Quarter Following December Dip

Gross domestic product (GDP) rose by 1.6 percent in the March 2021 quarter, following a 1.0 percent fall in the December 2020 quarter, Stats NZ said today. "After an easing of economic activity in the December quarter, we’ve seen broad-based growth in the first quarter of 2021... More>>