What happened 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. Based on concerns over high valuations and the prospect for slowing growth as these companies lap the pandemic-year boom, Auty cut ratings and lowered price targets across the space. These are enormously high valuations, and we seem to be entering an environment in which investors are starting to focus on intrinsic value as rising inflation and interest rates eat into perceived value of future profits, hurting profitless growth stocks.