Exploring Coursera, Inc. (COUR) Investor Profile: Who’s Buying and Why?

You're looking at Coursera, Inc. (COUR) and asking the right question: who is actually buying this stock, and what do they see that you might be missing? The short answer is that this is defintely an institutionally-driven story, with major players holding a substantial stake. As of November 2025, institutional owners-the big money like BlackRock, Inc. and Vanguard Group Inc.-hold a combined 142,788,290 shares, which translates to over 85% of the long institutional float, making their trading actions highly consequential. This conviction from professional investors is directly tied to the company's strong 2025 financial trajectory; management recently raised the full-year revenue outlook to a range of $750 to $754 million, while also targeting an impressive Annual Adjusted EBITDA Margin of 8.0%.

That's a big vote of confidence, especially when you consider the stock's one-year return was already up 46% as of early September. But does this heavy institutional concentration mean the stock is a crowded trade (a popular investment that could see a sharp sell-off)? And with insiders selling recently, is the smart money heading for the exits while the institutions double down? That's what we need to unpack.

Who Invests in Coursera, Inc. (COUR) and Why?

You want to know who is betting on Coursera, Inc. (COUR) right now, and the short answer is: mostly large, patient institutions who see a clear path to margin expansion and a massive, AI-driven market opportunity. The ownership structure is heavily skewed toward professional money managers, which means the stock price is defintely sensitive to their trading actions.

As of late 2025, institutional investors hold the lion's share, accounting for approximately 79.84% of the total shares outstanding. This high concentration signals professional credibility but also introduces volatility risk if a few large funds decide to sell simultaneously. Retail investors and company insiders hold the rest, with insiders owning about 6.86% of the company.

Key Investor Types: The Institutional Giants

The investor base for Coursera, Inc. is dominated by some of the largest asset managers in the world. These are primarily passive index funds and large, active mutual funds, which points to a long-term, foundational holding strategy. The presence of these giants provides a degree of stability, but their sheer size means their quarterly filings are always a key watch point for the market.

Here's the quick math on the top holders, based on their 13F filings as of the third quarter of 2025:

• BlackRock, Inc.: Held over 14.47 million shares.
• Vanguard Group Inc: Held approximately 13.92 million shares.
• NEA Management Company, LLC: Held over 12.86 million shares.

The Vanguard and BlackRock holdings are mostly passive money, flowing in because Coursera, Inc. is part of key indices like the Russell 2000. But the active managers like Morgan Stanley and Baillie Gifford & Co. are making a deliberate choice, betting on the company's strategic pivot.

Interestingly, Coursera, Inc. is generally not considered a major holding for traditional, activist hedge funds. This tells you the current thesis is less about a quick corporate shake-up and more about a multi-year growth and profitability story.

Investment Motivations: Growth, Profitability, and AI

Investors are attracted to Coursera, Inc. for three core reasons: its massive global reach, its strategic shift toward profitability, and its strong position in the AI-driven skills economy. The company's recent financial guidance for the 2025 fiscal year is what's fueling the confidence.

The full-year 2025 revenue outlook was recently raised to a range of $750 million to $754 million, and the company is targeting an annual Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) margin of 8.0%, a 200 basis-point improvement. That's a clear signal of financial stabilization after years of focusing purely on growth.

The investment thesis hinges on these concrete factors:

• Market Position: The platform has a massive global audience, reaching over 191 million registered learners as of Q3 2025.
• AI-Driven Upskilling: New products like Coursera Coach and auto-translated courses position the company as a key player in the upskilling required by the rapid adoption of AI, a market trend that is not slowing down.
• Enterprise Growth: The strategic focus for 2025 is on the high-growth potential of its 'Coursera for Campus' offering, which integrates its content into existing university credit programs.

The shift to positive free cash flow, reported as $27 million in Q3 2025, is a major green flag for any growth investor. To see more about how the company got here, you can check out Coursera, Inc. (COUR): History, Ownership, Mission, How It Works & Makes Money.

Investment Strategies: Long-Term Growth and Turnaround Plays

The strategies used by investors in Coursera, Inc. are a mix, reflecting the company's transition from a pure-play growth stock to a growth-at-a-reasonable-price (GARP) candidate that is demonstrating operational efficiency.

The most common strategies you see here are:

• Passive/Index Investing: This is driven by the index funds like Vanguard, which hold the stock for the long haul simply because it meets the criteria for their benchmark index. They are the bedrock of the stock's ownership.
• Long-Term Growth Holding: Active funds like Baillie Gifford & Co. are typically long-term holders, betting on the secular trend of online education and the company's ability to capture a significant share of the estimated $184.3 billion online education market by 2032.
• Turnaround/Efficiency Play: These investors are focused on the new CEO Greg Hart's background in efficiency at Amazon and the company's push for margin expansion. They are buying based on the expectation that the improved Adjusted EBITDA margin of 8.0% will continue to expand, leading to GAAP profitability down the line.

The presence of both passive and active long-term holders suggests a consensus that the underlying business model is sound, even if the execution has been bumpy in the past. It's a bet on the platform's scale finally translating into consistent profit. The stock's one-year return of 46% as of September 2025 shows that momentum investors have also been active.

Institutional Ownership and Major Shareholders of Coursera, Inc. (COUR)

You want to know who is really calling the shots at Coursera, Inc. (COUR), and the short answer is: the institutions. As of the third quarter of 2025, institutional investors collectively own a substantial portion, holding roughly 70% of the company's shares outstanding. This isn't just a passive investment; this level of concentration means their trading actions are the primary driver of Coursera's stock price volatility, and they have a strong influence on board decisions.

This is a classic growth-stock scenario where the largest asset managers and venture capital funds have staked their claim. It suggests a certain credibility among professional investors, but honestly, it also means the stock is highly sensitive to their collective sentiment-a sudden shift could create a crowded trade risk.

The Top Institutional Investors in Coursera

When you look at the shareholder registry, the giants of the investment world dominate the list. The top three holders alone command over 24% of the total shares outstanding, according to filings from late June 2025.

Here's the quick math on the major players and their positions, using the latest available data from the second quarter of the 2025 fiscal year:

Notice the presence of New Enterprise Associates, Inc., a venture capital firm. They represent the private equity component, holding a significant 7.86% stake, which gives them a key role in shaping corporate strategy with a focus on long-term value creation.

Recent Shifts: Who's Buying and Who's Trimming?

The institutional landscape for Coursera, Inc. is not static; we've seen some sharp movements in the first half of 2025. It's a mix of conviction and profit-taking, which is defintely something to monitor.

Overall, the total number of institutional owners has been high, but the individual movements tell the real story. For example, The Vanguard Group, Inc., already the largest holder, increased its position by 22% in the period leading up to Q3 2025. That's a strong vote of confidence from a passive indexing behemoth. On the flip side, BlackRock, Inc. slightly trimmed its position by 6% as of June 2025, suggesting some rebalancing.

The most aggressive moves came from other firms, indicating a high-conviction trade for some. Morgan Stanley, for instance, dramatically increased its shares by 100% in the June 2025 quarter. Also, smaller players like Acadian Asset Management and Lazard Asset Management showed massive increases of 125% and 261% respectively, as of the same June 2025 filing date. These are not minor adjustments; they signal a significant change in portfolio allocation toward Coursera, Inc.

• Vanguard Group, Inc.: Increased shares by 22% through Q3 2025.
• Morgan Stanley: Doubled its stake with a 100% increase in Q2 2025.
• Lazard Asset Management: Boosted its holding by 261% in Q2 2025.
• Baillie Gifford & Co.: Saw a significant reduction of 67% in its position by Q3 2025.

The Institutional Impact on Stock and Strategy

The sheer weight of institutional ownership-at around 70%-means these investors are not just along for the ride; they are the engine. Their collective decisions directly impact the stock price. When a few of the top 11 shareholders, who own 51% of the company, decide to buy or sell, the stock moves. This is why you see such sensitivity to news like the Q3 2025 earnings report, where revenue of $194.20 million and EPS of $0.10 beat analyst expectations.

In terms of strategy, the presence of major institutional shareholders like BlackRock and Vanguard, who are often passive investors, provides stability and a focus on long-term capital appreciation. However, the presence of active investors and private equity, like New Enterprise Associates, Inc., means the company's leadership is under pressure to execute on growth initiatives, particularly around new developments like generative AI-powered features. If you want a deeper dive into the company's financial foundation, you can check out Breaking Down Coursera, Inc. (COUR) Financial Health: Key Insights for Investors.

What this high institutional ownership hides is the potential for a sell-off if momentum breaks. If the stock's one-year return of 46% (as of September 2025) reverses, the 'crowded trade' risk becomes very real, as multiple large funds might try to exit simultaneously. Your next step should be to monitor the Q4 2025 13F filings closely for any further significant stake reductions, especially from the top five holders.

Key Investors and Their Impact on Coursera, Inc. (COUR)

If you're looking at Coursera, Inc. (COUR), you need to know who's driving the bus, and in this case, it's the institutional money. Institutional investors-the big funds, asset managers, and endowments-own a massive 70% of the company as of September 2025, meaning their collective actions are the primary force behind the stock's movements.

This high ownership concentration is a double-edged sword: it lends credibility among professional investors, but it also makes the stock price highly sensitive to their trading. When a few major players decide to sell, the price can drop fast. It's important to track what the giants like Vanguard Group and BlackRock, Inc. are doing, because they definitely move the needle.

The Heavy Hitters: Who Holds the Keys to Coursera, Inc. (COUR)?

The investor profile for Coursera, Inc. (COUR) is dominated by index fund titans and major growth-focused asset managers. The top shareholders are essentially a who's who of global finance, and their stakes are significant enough to warrant your attention.

Leading the pack is Vanguard Group Inc, followed closely by BlackRock, Inc. and the venture capital firm NEA Management Company, LLC. These three alone hold a substantial portion of the outstanding shares. For instance, as of the June 2025 13F filings, Vanguard Group held approximately 14 million shares, valued at about $119 million, while BlackRock, Inc. held 13 million shares, valued at $116 million.

Here's the quick math on the top institutional stakes, based on June and September 2025 filings:

The presence of growth-oriented firms like Baillie Gifford & Co alongside the index giants suggests a dual belief in Coursera, Inc. (COUR): both as a core component of the broader market (via index funds) and as a long-term growth story in the EdTech space. You should read more about the company's fundamentals in Breaking Down Coursera, Inc. (COUR) Financial Health: Key Insights for Investors.

Investor Influence: The Power of a 70% Stake

With institutions holding 70% of the shares, they possess the maximum power to influence board decisions and corporate strategy. This isn't just about voting; it's about engagement. These large holders, especially those with active management strategies, frequently engage with management on topics like governance, executive compensation, and strategic direction, particularly around the company's focus on high-growth areas like Artificial Intelligence (AI) content.

For a company that is still scaling and raising its full-year 2025 revenue outlook to a range of $750 million to $754 million, the support and pressure from these investors are crucial. Their confidence is a sign that the market believes in the company's path to profitability, with an expected 2025 Adjusted EBITDA Margin target of 8.0%.

A high institutional stake is a signal of management credibility. But it also means you must watch for any signs of large-scale divestment, because that can trigger a sharp sell-off.

Recent Investor Moves: Accumulation and Caution

Looking at the most recent 2025 activity, we see a mix of accumulation and slight caution among the top holders. This tells a story of a stock that's still in play, not one where everyone agrees on the next move.

• Vanguard Group Inc increased its stake by 10% in the June 2025 quarter.
• Morgan Stanley made a massive move, increasing its position by 100% in the same quarter, essentially doubling its stake.
• Dimensional Fund Advisors also showed strong conviction, boosting its shares by 31%.
• BlackRock, Inc., however, trimmed its position slightly, decreasing its stake by 6%.

The big takeaway here is that while some major funds are aggressively buying in, others are taking a bit of profit or rebalancing. The doubling of Morgan Stanley's position is a defintely bullish signal that suggests they see significant upside potential in the near term. Still, you should be aware that there has been a general trend of insider selling lately, although recent Form 4 filings from November 2025 show executives having shares withheld to cover tax liabilities on vested restricted stock units (RSUs), which is a common practice and not a true open-market sale. The price per share for these RSU withholdings was $8.48 on November 15, 2025, which is right around the current market price of $8.43 as of November 13, 2025.

Your action item is simple: Keep an eye on the next round of 13F filings to see if the recent accumulation trend continues into the fourth quarter of 2025. That will be your clearest signal.

Market Impact and Investor Sentiment

You're looking at Coursera, Inc. (COUR) and trying to figure out if the big money is still bullish, and honestly, the picture is complex but leans toward a cautious optimism from professional investors.

The core takeaway is that institutional investors-the mutual funds, pension funds, and asset managers-have a massive stake, controlling between 70% and 79.84% of the company's shares. This high concentration means Coursera's stock price is defintely sensitive to their collective trading decisions, for better or worse. It's not a retail-driven stock; it's a professional-investor bet on the future of online education.

The largest institutional holders, as of the 2025 fiscal year data, are exactly who you'd expect to see in a high-growth tech play:

• The Vanguard Group, Inc.: Holds about 8.3% of shares outstanding.
• BlackRock, Inc.: Holds roughly 8.1% of shares outstanding.
• New Enterprise Associates, Inc.: Holds approximately 7.9% of shares outstanding.

Their sheer size suggests a long-term, passive belief in the company's model, especially since these are often index-tracking giants. Still, there's a note of caution: insider ownership, while significant at around 6.86% to 10.73%, has shown some recent selling activity, which can signal a lack of conviction from those closest to the business.

Recent Market Reactions to Ownership Moves

The stock market's response to Coursera has been volatile this year, reflecting a tug-of-war between strong user growth and profitability concerns. For example, the stock price has climbed about 19.07% from November 2024 to November 2025, reaching approximately $8.43 per share.

But the path hasn't been smooth. When the company released its fourth quarter 2024 earnings and provided a below-consensus growth outlook for the 2025 fiscal year, the stock dropped approximately 10% in January 2025. This shows that investors are highly sensitive to forward guidance and the path to net income.

On the flip side, strong execution is rewarded. In July 2025, Coursera's stock rose by 1.34% during regular trading hours after its Q2 2025 revenue of $187.1 million beat the anticipated $180.56 million. They also raised their full-year revenue guidance to a range of $738 million to $746 million, a clear signal of confidence.

Here's the quick math on market sentiment: The stock can move double-digits on a guidance miss, but only a fraction on an earnings beat. That's a classic sign of a stock where the market is still waiting for definitive proof of sustained profitability, not just revenue growth. You can see more about the company's foundation here: Coursera, Inc. (COUR): History, Ownership, Mission, How It Works & Makes Money.

Analyst Perspectives: The Hold Consensus

As a seasoned analyst, I look at the consensus rating, and for Coursera, Inc. (COUR) right now, it's a 'Hold' from the majority of the 13 Wall Street analysts covering the stock. This isn't a bad thing; it means analysts see a fair valuation at current levels, but they're not pounding the table for a strong buy.

The average 12-month price target is around $12.36, which suggests a significant potential upside of over 50% from the recent trading price. What this estimate hides is the split in their thinking, which is crucial for you to understand:

The key investors like BlackRock and Vanguard are essentially betting that the strong Consumer segment growth, fueled by new AI-focused content, will eventually offset the Enterprise segment's softness and lead to sustained profitability. If the Enterprise net revenue retention rate continues to slide, however, those big institutional holders might start trimming their positions, and that is where the real risk lies. Your next step should be to monitor the Q4 2025 earnings report closely for any change in the Enterprise segment's outlook and the new CEO's strategy.