Cloudflare, CrowdStrike lead broad slate of tech losses
da-kuk/E+ via Getty Images


High-growth stocks in the cybersecurity and database sectors took it on the chin, Thursday, with the likes of Cloudflare, CrowdStrike Holdings and MongoDB, skidding into the red early and ending the day with broad losses.
Cloudflare (NYSE:NET) plunged by more than 13%, while CrowdStrike (NASDAQ:CRWD) shares fell almost 7% and MongoDB (NASDAQ:MDB) gave up more than 9% by the time the closing bell rang.
Other notable losses came from Datadog (NASDAQ:DDOG), which ended the day down by almost 8%, ZScaler (NASDAQ:ZS), off by nearly 9%, Fastly (NYSE:FSLY), which gave up more than 5%, and Palo Alto Networks (NASDAQ:PANW), down more than 6% for the day.
There was no major company-specific news to support the day's losses. In fact, the investment firm Guardian Capital Management said Thursday in its fourth-quarter investment letter that Cloudflare (NET) has "a massive opportunity" ahead of it as more companies move services and operations to public cloud environments.
However, the recent reports on U.S. inflation levels have led to some skittishness across the tech sector, and resulted in selling of high-growth stocks, many of which are in the cybersecurity, database and network management industries.