Why Datadog, Zscaler, and Cloudflare Sank by Double-Digits Today
Shares of cloud software companies Datadog (NASDAQ: DDOG), Zscaler (NASDAQ: ZS), and Cloudflare (NYSE: NET) were falling on Tuesday in another rough day for tech stocks. As of 2 p.m. ET, these three were down 10.2%, 11.5%, and 12%, respectively.
Tuesday was a bad day for high-multiple software-as-a-service stocks more broadly, as investors feared rising interest rates. Yet it was especially bad for these three, as they were unfortunately part of a sector-wide analyst downgrade at J.P. Morgan.
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Source Fool.com
