The Xero Limited (ASX: XRO) share price is heading south today despite the company not releasing any new announcements.
At the time of writing, the cloud accounting platform provider's shares are trading down 5.93% at $90.66.
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What's happened to Xero shares?
An impressive growth story stretching back from 2012, Xero shares have tumbled since the beginning of 2022.
The company share price has fallen a whopping 35% since the beginning of the year. In contrast, the S&P/ASX 200 Index (ASX: XJO) has edged around 1.3% lower.
While the question arises of when Xero will finally bottom out, the company has remained relatively quiet on the news front. Its last financial update came in November 2021, when Xero delivered its half-year results to the market.
Despite the company posting a net loss for the period, most key metrics lifted by double digits.
Nonetheless, the S&P/ASX All Technology Index (ASX: XTX) has been pounded this year, which could be one reason why Xero shares are in the red.
The tech sector is currently down 25% year to date.
Investors will be keeping a close eye as Xero gears up to release its full-year results on 12 May.
Is the Xero share price a buy?
A couple of brokers weighed in on the company's share price with varying price points earlier this year.
The team at Citi lowered its 12-month price target for Xero shares by 17% to $132.60 in March. While this represents a hefty premium of 46%, investors are taking the investment advice cautiously.
However, analysts at Macquarie had a more bearish tone, cutting Xero's rating by 23% to $100 per share. This is almost in line with Macquarie's estimates based on the current Xero share price.
Xero has a market capitalisation of roughly $13.45 billion, making it the 35th largest company on the ASX.
