Coursera, Inc. (NYSE:COUR) CEO Jeffrey Nacey Maggioncalda recently sold 50,000 shares of the company's common stock, according to a new SEC filing. The transaction, carried out on May 2, 2024, totaled over $480,000, with the shares sold at a weighted average price of $9.60.
The sale was executed under a pre-arranged trading plan, known as a Rule 10b5-1 plan, which Maggioncalda had adopted on February 16, 2023. This type of plan allows company insiders to sell shares at predetermined times to avoid accusations of insider trading.
Investors tracking insider transactions might note that the prices at which the Coursera CEO sold his shares ranged from $9.46 to $9.76. The SEC filing indicated that Maggioncalda is willing to provide additional details about the number of shares sold at each price point within this range if requested by the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
Following the sale, Maggioncalda still owns a substantial amount of Coursera stock, with 2,127,496 shares remaining in his possession. This recent transaction reflects a portion of his holdings, suggesting a continued vested interest in the company's success.
Coursera, headquartered in Mountain View, California, is known for its wide range of online courses and degree programs, partnering with universities and organizations worldwide to offer accessible education. As the company continues to navigate the competitive online education sector, investors and industry observers often look to insider transactions like these for indications of executive confidence in the company's future prospects.
InvestingPro Insights
Amidst the news of Coursera's CEO selling a portion of his stock, investors may be keen to understand the broader financial health and market sentiment surrounding Coursera, Inc. (NYSE:COUR). According to InvestingPro data, Coursera currently holds a market capitalization of approximately $1.49 billion. Despite a challenging period reflected in a negative price-to-earnings (P/E) ratio of -14.04, the company's revenue has grown by 19.28% over the last twelve months as of Q1 2024. This growth is indicative of Coursera's ability to expand its reach and increase its revenue streams in the competitive online education sector.
InvestingPro Tips suggest that management's aggressive share buybacks and the company's position of holding more cash than debt on its balance sheet are positive signs for investors. Additionally, analysts predict that the company will be profitable this year, which could signal a potential turnaround in its financial performance. However, it's worth noting that the stock has experienced a significant decline over the last week, month, and three months, trading near its 52-week low with a previous close price of $9.61.
For those looking to delve deeper into Coursera's financials and market performance, InvestingPro offers additional insights and metrics. There are 12 more InvestingPro Tips available, which could provide further clarity on Coursera's position and future outlook. To explore these tips and enhance your investment strategy, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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