Shopify Inc (NYSE:SHOP) shares trraded significantly lower Wednesday alongside several stocks in the broader technology sector amid weakness in tech-giant Netflix Inc (NASDAQ:NFLX). Traders also continue to assess Fed policy outlook.
Netflix reported an unexpected decline in its subscriber base and guided for another subscriber loss in the subsequent quarter.
Related Link: One Analyst Is Upgrading Netflix Shares Despite The Subscriber Loss: Here's Why
On Tuesday, Piper Sandler analyst Brent Bracelin maintained Shopify with an Overweight rating, but lowered the price target from $900 to $800.
The Piper Sandler analyst sees increasing execution risks as a result of inflationary pressures on consumer spending, as well as tough comparisons ahead for the e-commerce platform company.
See Also: Analyst Cuts Price Target On Shopify But Still Sees 37% Upside: What You Should Know
SHOP 52-Week Range: $510.02 - $1,762.91
According to data from Benzinga Pro, the stock closed down 13.3% at $525.
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