market folly

In an amended 13G filing with the SEC, Philippe Laffont's hedge fund Coatue Management has disclosed a 7.5% ownership stake in STEC (STEC) with 3,763,221 shares. The filing was made due to activity on February 23rd, 2010 and represents a massive increase in their position. As we previously detailed in Coatue's portfolio, the hedge fund owned 1,864,941 shares of STEC back on December 31st, 2009. So, in the past three months, they've increased their position 101.8% by adding 1,898,280 more shares.

Coatue Management is a hedge fund founded by Philippe Laffont in 1999. They employ a long/short equity strategy and focus on technology, media & telecom stocks. For more on Laffont's hedge fund, head to our very recent post on Coatue's portfolio as well as our coverage of a technology trends presentation they've given in the past.

Taken from Google Finance, STEC is "a global provider of enterprise-class Flash solid-state drives (SSDs) for enterprise-storage systems and servers that companies use to retain and access their critical data. The Company’s products are designed specifically for storage systems and servers that run applications requiring a high level of input/output operations per second (IOPS) performance, capacity, reliability and low latency."

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