shares of everbridge inc appeared to fall off a cliff friday putting them on track for their biggestever oneday selloff by a wide margin as the chief executive’s resignation and disappointing revenue outlook led a number of analysts to abandon their bullish calls the stock evbg plummeted 463 on heavy volume in afternoon trading putting them on track for the lowest close since september 2019 and enough to make it the biggest loser on major us exchanges trading volume ballooned to 118 million shares compared with the fullday average over the past 30 days of about 572000 shares the percentage decline is more than three times the previous oneday record drop of 143 suffered on oct 28 2020 the price decline of 5337 which compares with the previous record price fall of 2026 on nov 10 2021 shaved about 206 billion off the company’s market capitalization the company said late thursday that chief executive david meredith notified the board of directors of his intention to resign as ceo after 2 12 years in the role and from the board of directors the company did not provide a reason for meredith’s resignation the board said it accepted meredith’s resignation and will immediately establish an office of the ceo and begin to transition leadership to chief financial officer patrick brickley and chief revenue officer vernon irvin separately the company reiterated its 2021 revenue guidance of 3676 million to 3678 million but said it expects revenue growth of 20 to 23 in 2022 the current factset revenue consensus for 2022 of 4565 million which has already been lowered from 4642 million at the end of november implies 241 to 242 growth from 2021 guidance no less than four analysts surveyed by factset downgraded everbridge in the wake of the announcements jp morgan analyst sterling auty cut his rating on the stock to neutral roughly 10 months after upgrading it to overweight and slashed his price target to 127 from 200 he said there were already questions about slowing growth despite the opportunity for countrywide public notification system wins in the european union ahead of the upcoming deadline for implementation “the new 2022 growth guidance is likely to further solidify those concerns especially with the possibility of disruption from the leadership change” auty wrote in a note to clients stifel nicolaus’s j parker lane lowered his rating to hold after being at buy for at least the past three years saying he believes there are “more questions than answers” at this point he dropped his stock price target to 100 from 185 “in our view the timing and uncertainty around the circumstances of mr meredith’s departure combined with the company’s guidance introduces a high degree of uncertainty into the story in the near term and we are moving to the sidelines while we digest the disruption mr meredith’s departure will have on the company’s operations and assess the potential changes made to the business under its new coceo’s and future leadership” lane wrote meanwhile raymond james analyst brian peterson reiterated the outperform rating he’s had on the stock for at least three years while keeping his price target at 180 “while we’re never encouraged by a ceo transition we believe everbridge may be in a unique situation to have a smooth transition in this regard with mr brickley and mr irvin also having the help of chairman and former ceo james ellertson” peterson wrote the stock has now plummeted 533 year to date while the spdr sp software  services exchangetraded fund has gained 64 and the sp 500 index spx has rallied 251