Core Viewpoint - DocuSign reported a strong third-quarter performance, exceeding market expectations in both revenue and earnings, but the company's conservative guidance has led to a decline in stock price as several Wall Street firms lowered their target prices [1][2]. Group 1: Financial Performance - For the third quarter, DocuSign achieved an adjusted earnings per share of $1.01, surpassing analyst expectations of $0.92 [1]. - The company's quarterly revenue grew by 8.4% year-over-year to $818 million, exceeding market estimates of $807 million [1]. - Subscription revenue accounted for $801 million, while professional services and other revenue contributed $17.4 million [1]. Group 2: Future Guidance - For the fourth fiscal quarter, DocuSign expects revenue in the range of $825 million to $829 million, slightly below the market expectation of $827.4 million [2]. - Subscription revenue is projected to be between $808 million and $812 million, with billing revenue expected between $992 million and $1 billion [2]. - Despite a conservative short-term outlook, DocuSign raised its full-year revenue forecast to between $3.208 billion and $3.212 billion, up from the previous range of $3.19 billion to $3.2 billion [2]. Group 3: Market Sentiment - Wedbush analysts noted that while the quarterly results were strong, the company's conservative outlook overshadowed the performance highlights, leading to a target price reduction from $85 to $75 [1]. - Piper Sandler also lowered its target price for DocuSign from $90 to $75, reflecting cautious market sentiment regarding the company's future prospects [1]. - Overall, the divergence in Wall Street opinions regarding growth momentum and conservative management outlook has resulted in target price reductions impacting the stock price [2].