⚡ Breaking — $500M Share Repurchase Program
Board approved May 15, announced May 18, 2026. No fixed expiration date. Funded from existing cash and operating cash flow. Conducted via open-market purchases and/or Rule 10b5-1 plans. At ~$5.75/share, authorization covers roughly ~87 million shares — over half of the pre-close float. Program represents ~33% of market cap, signaling management views shares as deeply undervalued. COUR was trading ~57% below its 52-week high of $13.56 at announcement.
Institutional Holders & 13G / 13D Filers
Post-close estimates; amendments pending
| Holder | Filing | Shares (approx.) | % Combined |
|---|---|---|---|
| Former UDMY anchor — now largest single block | |||
| Insight Holdings Group / Insight Partners 13G UDMY→COUR | Filed May 15, 2026 | 27.7M+ (IVP VII entities) | |
| → IVP VII, L.P. | 18,136,652 | ||
| → Insight VP Cayman VII | 7,984,135 | ||
| → IVP Delaware VII | 1,147,194 | ||
| → Grace Software Cross Fund | 738,040 | ||
| → IPPE Master Fund (sold entire position May 18) | Form 4 | 0 (was 78,628) | |
| Former COUR anchor investors | |||
| New Enterprise Associates (NEA) 13G COUR | Voting support signed | ~18–22M est. | |
| Kleiner Perkins 13G COUR | Pre-close | ~9–12M est. | |
| Passive index / institutional (13G filers — amended filings expected) | |||
| Vanguard Group13G | Est. scaled pre-close | ~12–16M est. | |
| BlackRock, Inc.13G | Est. scaled pre-close | ~10–13M est. | |
| Fidelity / FMR LLC13G | Est. scaled pre-close | ~6–9M est. | |
Officers & Directors — Form 3 / Form 4
9-seat board: 6 COUR + 3 UDMY designees
| Name | Role | Origin | Holdings / Notes | Filing |
|---|---|---|---|---|
| Executive leadership | ||||
| Greg Hart | CEO & Director | COUR | RSUs + options | Form 4 |
| Mike Foley | President (ex-Udemy CEO) | UDMY | UDMY awards @ 0.800× | Form 3 |
| Board — Coursera designees (6 seats) | ||||
| Andrew Ng | Executive Chairman & Founder | COUR | ~8–10M (personal + trust) | Form 4 |
| Betty Liu | Director | COUR | Director RSU grants | Form 3 |
| Carmen Chang | Director, Class I | COUR | Director RSU grants | Form 3 |
| Theodore R. Mitchell | Director, Class I | COUR | Director RSU grants | Form 3 |
| Scott D. Sandell | Director, Class I (NEA) | COUR | Via NEA funds | Form 3 |
| Board — Udemy designees (3 seats, NYSE-independent required) | ||||
| 3 Udemy director designees | Directors (TBD/confirmed at close) | UDMY | UDMY RSUs @ 0.800× | Form 3 |
| Other named executive officers | ||||
| Alan B. Cardenas | SVP, General Counsel & Secretary | COUR | RSUs; PoA holder for Sec. 16 | Form 4 |
Deep Dive — Insight Partners May 18 Sale
Not bearish — routine portfolio cleanup
Form 4 — Insight Partners Public Equities Master Fund, L.P.
Filed May 20, 2026
Entity that sold
IPPE Master Fund, L.P. (public equities arm)
Shares sold
78,628 shares (entire position)
Price range
$5.64 – $5.74 per share
Weighted avg. price
$5.6889
Total proceeds
~$447,306
Shares remaining (IVP VII funds)
27.7M+ (unchanged)
Sale as % of Insight's total COUR position
~0.28% of total stake
Date of sale
May 18, 2026 (same day as buyback announcement)
Why did the "wrong" Insight entity sell on the buyback day?
The seller — Insight Partners Public Equities Master Fund — is a separate liquid-markets fund with a completely different investor base and mandate from the IVP VII venture funds. When the merger closed May 11, IPPE Master Fund received COUR shares in exchange for its small UDMY position (78,628 shares). Public-equities funds typically cannot hold VC-originated stakes converted via merger — they have index-tracking or benchmark constraints. Selling within days of conversion is textbook post-merger position cleanup, not a market signal.
Is it alarming that the sale happened the same day as the buyback announcement?
No. The timing is almost certainly coincidental. The board approved the buyback May 15, three days before the public announcement. Insight's IPPE fund would not have known the announcement date in advance absent material non-public information — and if they did, selling that day would be illegal. More likely this was a pre-scheduled trade or a routine liquidation of an inadvertent merger-conversion position that happened to land May 18. The IVP VII strategic funds — holding 27.7M shares worth ~$155M — did not sell a single share.
What does the $500M buyback signal about the stock at ~$5.75?
At announcement, $500M represented roughly one-third of COUR's entire market cap (~$1.5B) and would retire ~87 million shares at prevailing prices — over 50% of the pre-close float. This is an unusually large authorization relative to market cap, signaling management believes the combined company is trading at a material discount to intrinsic value, particularly in light of $115M in targeted annual synergies and the combined $1.5B+ revenue run-rate. No expiration date gives maximum flexibility to act opportunistically.