BOSTON - Rapid7 (NASDAQ:RPD), Inc., a prepackaged software services company, announced the results of its recent annual meeting where shareholders voted on key proposals, including the election of directors and executive compensation. The meeting, which took place on June 13, 2024, saw the approval of all items on the agenda.
The first proposal involved the election of eight director nominees, who will serve until the 2025 annual meeting. All nominees received a majority of votes, with Michael Berry receiving 49,952,779 votes for and 1,646,626 votes withheld. Other nominees, including Marc Brown and Judy Bruner, also secured their positions with similar margins. There were no abstentions for this proposal, and a number of broker non-votes were recorded.
The second proposal, which passed with overwhelming support, was the ratification of KPMG LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. The vote count for this proposal was 55,665,192 for, 1,037,921 against, and 39,324 abstentions.
The third proposal addressed the compensation of Rapid7's named executive officers. Shareholders approved the executive compensation on an advisory basis with 49,346,815 votes for, 1,886,517 votes against, and 366,073 abstentions. Similar to the first proposal, there were broker non-votes.
The approval of these proposals is a sign of shareholder confidence in the company's governance and executive leadership. The election of the board of directors and the endorsement of the executive compensation package are routine governance matters for public companies and are seen as indicators of investor sentiment.
Rapid7, headquartered in Boston, Massachusetts, is listed on the Nasdaq Global Market under the ticker symbol NASDAQ:RPD. The company specializes in cybersecurity solutions and has been a notable player in the software services industry.
In other recent news, cybersecurity firm Rapid7 has seen multiple adjustments in its stock outlook following its first quarter performance for 2024. Mizuho Securities, Canaccord Genuity, Piper Sandler, RBC Capital Markets, and UBS all reduced their price targets for Rapid7, while maintaining neutral to positive ratings on the stock.
The adjustments came after Rapid7 reported lower-than-expected Annual Recurring Revenue (ARR), prompting the company to revise its guidance for 2024. However, the company's profitability guidance remains unchanged. Despite the ARR shortfall, Rapid7's position in the SecOps and Vulnerability Management markets remains strong, and the firms acknowledge the potential in Rapid7's offerings.
Mizuho Securities, Canaccord Genuity, and Piper Sandler expressed caution regarding Rapid7's near-term growth potential, citing strategic challenges and macroeconomic conditions. On the other hand, RBC Capital Markets and UBS maintain positive ratings, suggesting confidence in the company's long-term prospects.
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