Why Cloudflare Stock Tanked 5% Today

Shares of edge computing and internet infrastructure company Cloudflare (NYSE: NET) were down over 5% today as of 3 p.m. ET. For the most part, this is simply a continuation of the selling pressure that has hit Cloudflare and other high-growth but richly valued tech stocks in recent months. With the Federal Reserve on course to start raising interest rates, high-growth business valuations are under pressure.

Cloudflare is now down 60% from its all-time high notched in November, although for longer-term shareholders, the stock is still up 380% since its initial public offering (IPO) in 2019.

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Source Fool.com