I got this little “news” story from Seeking Alpha in my email. It explains what is going on today, but we knew this was coming for Docusign for months, which is why most of us exited.
DocuSign plunge leads Asana, Twilio, other SaaS stocks lower
As DocuSign plunged 20% on Friday, the result of slowing growth in the days ahead, several other software-as-a-service stocks followed suit, including industry stalwarts such as Twilio.
Stocks like Asana, Coupa, Twilio, Anaplan and several others declined more than 5%, after DocuSign said revenue guidance for fiscal 2023 would be $2.48 billion, implying growth of just 18%, down from 45% in its just completed fiscal year.
Amplitude and Elastic also dropped more than 5%, while other stocks in the sector, including Fiverr, Wix and fellow COVID-19 favorite Zoom Communications fell 2% or more.
…In January, investment firm Baird picked DocuSign among its top cloud software stocks for 2022.