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Varonis Systems Inc. (NASDAQ:VRNS), a cybersecurity firm with a market capitalization of $5.7 billion and impressive gross profit margins of 82%, announced the results of its 2025 Annual Meeting of Stockholders held on Thursday. The stockholders approved several key proposals, including the 2025 Employee Stock Purchase Plan (ESPP) and an increase in shares for the 2023 Omnibus Equity Incentive Plan. According to InvestingPro analysis, the stock has shown strong momentum, gaining over 18% in the past year.
The ESPP received significant support, with 89,484,902 votes in favor, 686,996 against, and 11,721 abstentions. The proposal to increase the number of shares available under the 2023 plan by 1,880,000 shares was also approved, with 77,068,231 votes in favor, 13,073,511 against, and 41,877 abstentions. While the company currently operates with moderate debt levels, InvestingPro data suggests the stock is trading at relatively high valuation multiples.
Additionally, all four board nominees were elected to serve until the 2028 Annual Meeting. Carlos Aued, Kevin Comolli, John J. Gavin Jr., and Fred van den Bosch (NSE:BOSH) received varying levels of support, with Aued receiving the highest number of votes for his election.
Stockholders also approved the advisory vote on executive compensation, with 75,583,232 votes in favor, 14,535,907 against, and 64,480 abstentions. The appointment of Kost Forer Gabbay & Kasierer, a member of Ernst & Young Global Limited, as the independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified with 92,167,280 votes in favor.
These decisions were made based on the proposals outlined in the company’s Proxy Statement filed with the SEC on April 22, 2025. The information is derived from a recent SEC filing by Varonis Systems. While the company isn’t currently profitable, analysts tracked by InvestingPro expect it to turn profitable this year. Discover 10+ additional exclusive insights and detailed financial analysis in the comprehensive Pro Research Report, available with an InvestingPro subscription.
In other recent news, Varonis Systems has achieved significant milestones in the data security sector. The company reported first-quarter revenue of $136.4 million, surpassing the consensus estimate of $129.92 million and marking a 19.6% year-over-year increase. Varonis’ SaaS revenue saw a notable rise, reaching $88.6 million compared to $34.0 million in the same quarter last year, contributing to a 19% YoY growth in annual recurring revenue (ARR), which now stands at $664.3 million. Following these impressive financial results, Cantor Fitzgerald maintained an Overweight rating on Varonis, with a price target of $60, reflecting confidence in the company’s strategic direction.
Additionally, Varonis has obtained FedRAMP Authorization for its Data Security Platform, becoming the first of its kind to achieve this status, which allows federal agencies to utilize its cloud-hosted security solutions. This development is expected to strengthen Varonis’ market position as a provider of data security solutions. The company has also revised its full-year ARR outlook upwards, anticipating a 16.2% growth for FY25. Varonis projects second-quarter revenue between $145.0 million and $150.0 million, with adjusted EPS estimated between $0.00 and $0.01. These recent developments underscore Varonis’ resilience and adaptability amid challenging economic conditions.
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