Prudential Financial Inc., the second-largest U.S. life insurer, reported a 15.9 percent 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 Monday. The document shows Prudential has more than 3 million shares,
Prudential had about $871 billion of assets under management as of Sept. 30, including holdings backing policies and client funds with the Newark, New Jersey-based insurer. 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 Monday to $71.29 at 4:15 p.m. in New York.
© Copyright 2014 Bloomberg News. All rights reserved.