But the drop for the company also was denting the performance of a handful of exchange-traded funds where DocuSign has its largest exposure.
The Ecofin Digital Payments Infrastructure Fund TPAY, -4.56%, where DocuSign was a top 10 holding, was down 4.1%; the American Century Focused Dynamic Growth ETF FDG, -4.94%, where the company is a top 5 holding, was off 4.7%. Meanwhile, the iShares Cybersecurity & Tech ETF IHAK, -4.71%, trading 4.7% lower, and the ProShares Nasdaq-100 Dorsey Wright Momentum ETF QQQA, -4.05%, off 4%, all had exposure to DocuSign.
DocuSign’s tumble comes after its latest earnings report, in which it delivered a disappointing billings outlook as Chief Executive Dan Springer called out a “return to more normalized buying patterns” following a stretch of “accelerated growth.” The company had been viewed as a hot pandemic stock play but now was being viewed as a sign of a company that might have grown too quickly as investors crowded into trades that worked.
Friday’s downturn was also a part of a broader selloff in the tech and tech-related sector, with the tech-laden Nasdaq Composite Index COMP, -2.48% down more than 6% from its Nov. 19 peak and the S&P 500 index SPX, -1.37% and the Dow Jones Industrial Average DJIA, -0.
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