market folly

Steve Mandel's hedge fund firm Lone Pine Capital has filed a 13G on shares of Cognizant Technology Solutions (CTSH).  Per the filing, Lone Pine now owns 5.3% of the company with over 32.1 million shares.

This means they've boosted their position size by over 2.6 million shares since the end of the second quarter.  The filing was made due to activity on August 6th.  Shares recently dropped from $50 down to $42 and they took advantage of the decline.  CTSH has been one of Lone Pine's top holdings for quite some time.

You can view the rest of Lone Pine's portfolio in the brand new issue of our Hedge Fund Wisdom newsletter.

Per Google Finance, Cognizant Technology Solutions is "a provider of custom information technology, consulting and business process outsourcing services. The Company is engaged in Business, Process, Operations and Information Technology Consulting, Application Development and Systems Integration, Enterprise Information Management (EIM), Application Testing, Application Maintenance, Information Technology Infrastructure Services, and Business and Knowledge Process Outsourcing, or BPO and KPO. The Company operates in four segments: Financial Services; Healthcare; Manufacturing, Retail and Logistics, and Other, which includes communications, information, media and entertainment, and high technology."