Coursera, Inc.'s (NYSE:COUR) President and CEO, Jeffrey Nacey Maggioncalda, has recently sold a significant amount of company stock, according to the latest SEC filings. On March 28, 2024, Maggioncalda offloaded 50,000 shares of Coursera's common stock at a weighted average price of $14.0641 per share, totaling approximately $703,205.
The transactions occurred in multiple parts, with share prices ranging from $13.99 to $14.26. Following this sale, Maggioncalda still holds a substantial amount of Coursera shares, with 2,277,496 shares remaining in his possession.
It's noteworthy that the sale was conducted in accordance with a predetermined trading plan, known as Rule 10b5-1, which Maggioncalda had adopted on February 16, 2023. This rule allows company insiders to set up a trading plan for selling stocks they own in a way that avoids accusations of insider trading, by establishing predetermined trading actions at a time when they are not in possession of material non-public information.
The specifics of these transactions are detailed in the footnotes of the SEC filing, which indicate Maggioncalda's commitment to provide further information about the number of shares sold at each price point within the range upon request by the SEC, Coursera, or any of its security holders.
Coursera, headquartered in Mountain View, California, is known for its online learning platform that offers a wide range of courses and degrees from universities and institutions around the world. As the company continues to navigate the competitive e-learning landscape, investors and market watchers closely monitor insider transactions for insights into executive confidence and company performance.
The sale represents a notable move by Coursera's CEO, and it will be interesting to see how this transaction might influence investor sentiment regarding the company's stock in the future.
InvestingPro Insights
As Coursera's President and CEO, Jeffrey Nacey Maggioncalda, makes headlines with his recent stock sales, investors are keenly looking at the company's financial health and future prospects. With a market capitalization of approximately $2.19 billion and a notable revenue growth of 21.39% over the last twelve months as of Q4 2023, Coursera is showing signs of expansion in the competitive e-learning sector.
Despite the lack of dividends for shareholders, Coursera's financial position includes some reassuring elements, such as holding more cash than debt on its balance sheet—an InvestingPro Tip that suggests a level of financial stability. Additionally, analysts are optimistic about the company's potential, predicting that Coursera will be profitable this year. This is further supported by seven analysts who have revised their earnings upwards for the upcoming period, another InvestingPro Tip that may indicate positive momentum.
However, the company's stock price has experienced considerable volatility, with the price having fallen significantly over the last three months. The price at the previous close was $14.02, with the stock currently trading at 65.95% of its 52-week high. This volatility, combined with the CEO's recent sale of shares, could influence investor sentiment.
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