A key question for Diligent Board Member Services is whether it is becoming a mature business with its glory days of growth rates of more than 100 percent now well behind it.
Certainly, sales growth has been slowing this year from 40 percent in the March quarter to 24 percent in the September quarter and the company is forecasting slightly slower growth still in the current quarter.
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Diligent provides software for corporate boards which pay subscriptions for the company's services.
An analyst at Woodward Partners, Nick Lewis, saw sufficient positive indications from the September quarter results to raise his investment recommendation on the stock.
He raised his 12-month price target for Diligent shares to $5.70 compared to Friday's closing price at $4.99.
"It's borderline whether we still call this a growth company or just a mature company, it's certainly maturing and the trend is quite predictable at this point in terms of the growth rate year on year will decrease," said Mr Lewis.
Diligent chief executive Alex Sodi certainly is not promising a return to 100 percent growth rates but said the company was still experiencing strong growth.