NEW YORK (TheStreet) -- Shares of Tableau Software (DATA) were falling 11.13% to $44 on heavy trading volume mid-morning Wednesday after the company reported lower-than-anticipated 2016 third-quarter revenue and gave a disappointing full-year outlook.

Following yesterday's closing bell, the Seattle-based software company posted revenue of $206.1 million, missing analysts' estimates of $213.8 million.

Adjusted earnings of 16 cents per share topped Wall Street's projections of 7 cents per share.

For the full year, Tableau forecasts adjusted earnings per share of 23 cents to 30 cents on revenue of $801 million to $811 million. Wall Street sees adjusted earnings of 30 cents per share on revenue of $814 million for the year.

For the fourth quarter, the company expects adjusted earnings per share of 9 cents to 16 cents on revenue of $225 million to $235 million. Analysts are looking for adjusted earnings of 14 cents per share on revenue of $234 million.

Drexel Hamilton cut its rating on the stock to "hold" from "buy" with a $75 price target earlier today.

The firm said that the company's quarterly results "now appear more symptomatic of a company that has lost its competitive edge in a sea of larger IT/cloud vendors that offer a broad array of solutions with more attractive price points."

Additionally, the firm believes the company's outlook is "chilling."

Drexel Hamilton added that Tableau could be better off under the "umbrella" of a larger IT or cloud company.

More than 2.89 million million shares of Tableau have traded so far today vs. the 30-day average of 1.43 million shares.

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