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.
