Shares of Xero drop below $20 mark as investors doubt US growth

Fri, 10 Oct 2014

By Suze Metherell Oct. 10 (BusinessDesk) - Shares of Xero traded below $20 for the first time in a year, as investors grew cautious over the pace of the cloud-based accounting software firm's expansion in the US market. The Wellington-based company's shares fell 8.4 percent to $19.20 in afternoon trading, and have declined 57 percent from their March peak of $45.99 in part due to a global selloff as investors questioned high valuations relative to earnings of tech companies. The stock is rated an average 'sell' based on the consensus of f...

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