Cloud stocks are getting clobbered

Cloud stocks are getting clobbered Wednesday, posting sharper declines than the overall market.

  • Nutanix, down 7 percent to trade around $ 37
  • Zuora, down 6 percent to trade around $ 18
  • Atlassian, down 5 percent to trade around $ 105
  • Twilio, down 4 percent to trade around $ 126
  • Okta, down 4 percent to trade around $ 80
  • Salesforce, down 4 percent to trade around $ 153
  • Dropbox, down 3.5 percent trade around $ 21
  • Box, down 3 percent to trade around $ 18
  • Veeva, down 3 percent to trade around $ 121
  • Workday, down 3 percent to trade around $ 187

For comparison, the S&P 500 and Nasdaq Composite declined just 0.8 percent and 1.1 percent, respectively.

Cloud stocks are often among the hardest hit when markets fall, as investors give back some of the sector’s impressive gains.

Even after Wednesday’s losses, Twilio is up more than 220 percent in the last 12 months, Atlassian and Okta are each up about 100 percent during the same period, and Veeva is up almost 70 percent.

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