Investor euphoria pushed many growth and technology stocks to stretched valuations in 2020 and early 2021. Cloud services company Cloudflare (NYSE: NET) was among them, trading at more than 100 times sales, making it one of the most expensive stocks on Wall Street at one point. Naturally, investors have sold highfliers like Cloudflare during the current bear market, and shares of the company are down more than 70% from their highs of $221.
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