FOSTER CITY, CA - QuinStreet, Inc. (NASDAQ:QNST), a leader in performance marketplace products and technologies, announced the results of its 2024 Annual Meeting of Stockholders, which took place on Thursday. The company, which specializes in services for business services not elsewhere classified, addressed several key items during the meeting.
Firstly, stockholders re-elected two Class III directors to the Board. Andrew Sheehan and Douglas Valenti were elected for a three-year term expiring at the 2027 annual meeting of stockholders. Sheehan received 42,305,279 votes for and 4,785,138 withheld, while Valenti obtained 46,443,434 votes for and 646,983 withheld. There were 6,275,232 broker non-votes for each nominee.
Additionally, the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for the fiscal year ending June 30, 2025, was ratified with a significant majority. The proposal received 53,001,982 votes for, 362,349 against, and 1,318 abstentions.
The third proposal saw the stockholders approve, on a non-binding advisory basis, the compensation of the company's named executive officers. This approval was given with 46,514,594 votes for, 573,328 against, and 2,495 abstentions, along with 6,275,232 broker non-votes.
The high level of participation at the meeting, with 95.08% of the outstanding shares present or represented by proxy, underscores the engagement of QuinStreet's shareholders. The company's fiscal year-end is June 30, and the business address is located at 950 Tower Lane, 6th Floor, Foster City, CA 94404.
In other recent news, Singular Research has upgraded QuinStreet's rating from Hold to Buy, setting a new target price of $21.50. This decision is primarily driven by the company's impressive fourth-quarter performance for the fiscal year 2024, which saw a 200% surge in auto insurance revenue. This substantial increase is credited to a boost in client spending within the auto insurance sector during the same quarter.
Singular Research also expressed optimism for QuinStreet's continued momentum in fiscal year 2025. This positive outlook is rooted in the robust growth trajectory established in the latter part of fiscal year 2024, especially within the auto insurance revenue stream.
The research firm has accordingly adjusted its target price for QuinStreet to $21.50 per share, reflecting a favorable reassessment of the company's valuation and anticipated market performance. The upgrade to a Buy rating is underpinned by the expectation that QuinStreet will maintain its growth momentum, particularly in the auto insurance sector, which is predicted to fuel strong growth in the upcoming fiscal year.
InvestingPro Insights
To complement the report on QuinStreet's Annual Meeting of Stockholders, it's worth noting some key financial insights from InvestingPro. QuinStreet's market capitalization stands at $1.12 billion, reflecting its position in the performance marketplace sector. The company has shown impressive growth, with a 52.19% quarterly revenue increase as of Q4 2024, indicating strong business momentum.
InvestingPro Tips highlight that QuinStreet holds more cash than debt on its balance sheet, which suggests financial stability - a positive sign for shareholders. Additionally, analysts anticipate sales growth in the current year, aligning with the company's recent performance.
For investors seeking a deeper understanding of QuinStreet's financial health and prospects, InvestingPro offers 12 additional tips. These insights could provide valuable context to the decisions made at the Annual Meeting, particularly regarding executive compensation and the company's future direction.
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