Shares from eSignature Software Maker DocuSignThey were lower by more than 30 percent in premarket trading on Friday, after the company reported guidance for the fourth quarter that fell short of analyst estimates.

DocuSign predictedFourth-quarter revenues would range between $557 million to $563 million. Analysts had an average expectation of revenue at $573.8 million.

DocuSign still exceeded analyst expectations. DocuSign earned 58 cents per share, adjusted, against 46 cents analysts predicted, and generated $545.5million in revenue, instead of the $531 million anticipated, according Refinitiv.

Many firms are represented, such as JPMorgan Piper Sandler UBS, UBS and Wedbush lowered their ratings on the stockAfter the earnings report. Citi analyst Tyler Radke retained a Buy rating. However, his price target was reduced from $389 to $231. He called the earnings report “one of our biggest”. [software as a service]Recent whiffs

“The pandemic tailwinds came to a much faster than expected halt for DocuSign, catching the company off guard,” JPMorgan analyst Sterling Auty wrote in a note to clients.

As a result of the boom in remote work, the company saw rapid growth. DocuSign posted a sixth straight quarter of revenue growth above 40%. But, it said the next quarter will see an increase of around 30%.

After the company’s extraordinary growth in 2011, CEO Dan Springer admitted that this figure was disappointing.

Springer stated that while we expected a gradual decline from peak growth levels at the height of pandemics, “the environment changed more rapidly than we predicted” during his earnings call.

On Nov. 30, the company announced that its President of International, previously CFO, had resigned.

Ari Levy from CNBC contributed to the report.

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