The S&P/ASX 200 Index (ASX: XJO) has once again opened lower so far this Monday. The ASX 200 is currently down by a depressing 1.39% at just under 7,105 points.
But the Xero Limited (ASX: XRO) share price is faring worse. The cloud-based accounting software provider has plunged today, falling a nasty 2.9% to $84.06 at the time of writing.
Now only that, but Xero shares also hit a new 52-week low of $83.53 apiece earlier this morning. That happens to be the lowest pricing point for Xero shares since the dark days of 2020. So it’s a two-year low for Xero shares today.
This latest slide will no doubt be disappointing for many Xero investors. It was only back in November last year that the company was at an all-time high of $156.65. Today, the company is more than 45% off that high, as well as being down by 41% so far in 2022.
The sell-off we’ve seen amongst ASX tech shares, which has followed on from heavy losses in the US tech sector, has harshly punished Xero. The company hasn’t released any major news or updates in weeks, so we can only assume that it’s largely this latest market disdain for tech shares that has been fuelling Xero’s woes of late.
But after these steep falls, many investors might be wondering whether the Xero share price is starting to look like a bargain.
So let’s see if Xero shares are a buy or a sell today.
Is the Xero share price a buy or a sell today?
Well, one ASX broker who reckons Xero is looking attractive right now is investment bank, Goldman Sachs. As my Fool colleague covered last week, Goldman is currently rating Xero shares as a “buy”. That comes with a 12-month share price target of $133 a share. If that came to pass, it would mean a potential upside of close to 50% on current pricing.
Goldman is bullish on Xero for its “compelling growth story” and reckons the company is an attractive buying opportunity for long-term investors. No doubt shareholders will be happy with that assessment.
At the current Xero share price, this ASX 200 tech share has a market capitalisation of $12.59 billion.