Dec. 12 (Bloomberg) -- Prudential Financial Inc., the second-largest U.S. life insurer, reported a stake in LinkedIn Corp., the largest professional-networking website.
“Shares were acquired in the ordinary course of business, and not with the purpose or effect of changing or influencing control” of LinkedIn, according to a regulatory filing today. The document shows Prudential has 3.09 million shares. That is 7.8 percent of the 39.7 million Class A shares outstanding, according to LinkedIn.
The shares are held for clients, rather than in the Newark, New Jersey-based firm’s account backing insurance policies, said Bob DeFillippo, a spokesman for the company. Prudential had about $871 billion of assets under management as of Sept. 30. T. Rowe Price Group Inc. has more than 5 million shares of Mountain View, California-based LinkedIn, according to data compiled by Bloomberg.
LinkedIn sold shares to the public in May at $45 each and held an additional offering last month when investors paid $71 each. The stock slipped 60 cents today to $71.29 at 4:15 p.m. in New York.
To contact the reporter on this story: Andrew Frye in New York at email@example.com
To contact the editor responsible for this story: Dan Kraut at firstname.lastname@example.org