It's been a pretty paltry month or so for the Xero Limited (ASX: XRO) share price, no way around it. Xero shares were going for $95.20 back on 5 May. Today, the online accounting software provider is asking just $82.20 a share at the time of writing.
Not only is that down a nasty 2.58% for the day thus far, but it also means Xero has lost more than 13% since 5 May.
But this is arguably just an extension of the pretty bleak year Xero has suffered through so far in 2022. Since the start of the year, the Xero share price is down by 44%.
So now that we've seen such a steep fall in the value of Xero shares, many investors might be wondering whether this is turning into a buying opportunity for this ASX tech share. So let's see what the experts reckon.
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Is the Xero share price a buy today?
One ASX broker who likes the look of Xero right now is Goldman Sachs. As we covered a few days ago, Goldman has maintained a buy rating on Xero shares, together with a 12-month share price target of $118.00. Goldman liked what it saw in Xero's recent earnings report, and expects another strong increase in revenues in FY 2023 to almost NZ$1.4 billion.
But Goldman isn't the only investor expecting big things from Xero. My Fool colleague Tony chatted to Tribeca Investment Partners' Jun Bei Liu this week. Here's some of what she said about Xero:
We love this company because, for many years, it's demonstrated its execution in dislodging incumbents and growing its share and became a dominant player across the New Zealand, Australian markets. And now it's gone to the UK. It's demonstrated it's gaining [market] share really well.
Share price, again, [is] being punished because of people rotating out of growth stocks into others. And I think the current share price is [at] very reasonable levels. It's not something you buy for next month's earnings. It is something you buy for the bottom drawer, for the longer term, for the next five years.
So we love Xero.
So that's how two ASX investing experts view the Xero share price right now. They seem to be fairly unanimous on this tech company's rosy future. But we shall have to wait and see how right they are.
In the meantime, the current Xero share price gives this ASX 200 tech share a market capitalisation of $12.44 billion.
