A Goldman Sachs (GS) - Get Report hedge fund, Goldman Sachs Investment Partners, quietly sold its $75 million stake in music streaming service Spotify in recent weeks as shareholder demand grows ahead of Spotify's expected IPO, Sky News reported.
GSIP offloaded "less than half" of its Spotify shares, or about 24,000 each sold for around $3,100. The sale could garner investor attention, as Goldman has helped Spotify finance itself as a private company as it prepares to go public with a valuation expected to exceed $10 billion.
Spotify has an active private market for its stock. Shares have traded higher over recent months, with sources suggesting recent values of $3,400 per share.
More of What's Trending on TheStreet:
Netflix Rises as Credit Suisse Sees Subscriber Growth Normalizing
Netflix was upgraded to outperform with a $586 price target at Credit Suisse, which expects subscriber growth to normalize.
Fed PCE Inflation Gauge Extends Surge To 3.9%; Consumer Spending Slows
The Federal Reserve's preferred inflation gauge raced to its highest level since 1991 last month, data from the Bureau of Economic Analysis indicated Friday.
- The Stock Market's Sell-Off Spreads Across the Globe -- The Latest
- Amazon Is Absolutely 'Doing Great Damage.' Duh, Mr. President, That's Business
- You Can't Price in Pure Mass Chaos: Market Recon
- Apple Should Be Terrified By How Much Samsung Is Spending on Its Future