Three 340-word paragraphs doesn't sound bad, particularly if you are able to write your whole essay in a timely manner. 340 words per paragraph generally shows that you are providing an extensive analysis of your text and possibly answering the question effectively. If you feel that 340-word paragraphs are too big, you could try reducing the word count of each paragraph in a way that would reduce the overall word count to 1100 words. That way, you will be writing paragraphs that are approximately 300 words each instead of 340 words.
Alternatively, if you don't want to reduce the word count of your essay, but would still rather write shorter paragraphs, you can divide one (or more) of your paragraphs into two shorter paragraphs, depending on whether you can introduce a new idea that still falls under your main point. Take my reply as an example, you'll notice that I structured my reply as two paragraphs instead of one. Although I could've written it as one big paragraph, the fact that I'm suggesting a different approach allows me to create a new paragraph.
I hope this helps!