Why Asana, Paycom, and Toast All Plummeted Double-Digits in January

Shares of Asana (NYSE: ASAN), Paycom Software (NYSE: PAYC), and Toast (NYSE: TOST) each had a rough January, down 29.6%, 19.2%, and 34.1% for the month, respectively, according to data from S&P Global Market Intelligence.

Aside from a few investor conferences attended by Asana management, there wasn't any company-specific news during the month for any of these companies. As many know by now, high-multiple technology growth stocks plummeted nearly in tandem last month. This was due to concerns over inflation and the path of interest rates.

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Source Fool.com