Lone Pine ups stake in Cognizant

Hedge fund Lone Pine Capital has raised its stake in Cognizant Technology Solutions Corp to 5.3 per cent from 4.85 per cent, the fund disclosed in a regulatory filing with the U.S. Securities and Exchange Commission. Lone Capital is one of the biggest institutional shareholders in Cognizant. Other top institutional holders include Vanguard Group, which has a 5.15 per cent stake, and FMR LLC, which owns a 5.12 per cent stake.

The stake increase by Lone Pine also comes at a time when Cognizant cut its full year revenue growth forecast to 14 per cent from 16.5 per cent, which has put pressure on the company’s shares traded on the Nasdaq.