Shopify Inc SHOP shares trraded significantly lower Wednesday alongside several stocks in the broader technology sector amid weakness in tech-giant Netflix Inc 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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