Guru Steve Mandel (Trades, Portfolio), founder of Lone Pine Capital, a privately owned hedge fund sponsor based in Connecticut, added to his holdings in Cognizant Technology Solutions Corp (CTSH) Monday. Mandel paid $44.76 per share - a 4% increase. Added to shares he bought two weeks ago at the price of $43.67 per share, his holdings in the company total of 32,137,335 shares. Shares sold for $46.22 when the market ended trading on Tuesday.
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Cognizant, headquartered in Teaneck, New Jersey, began operations in 1994. Initially a technology unit of Dun & Bradstreet located in India, the company began serving external clients in 1996; the following year, its headquarters relocated to New Jersey.
Earlier this year, Cognizant acquired itaas (interactive television and application solutions) Interactive TV Solutions, a video solutions company based in Atlanta, Georgia. At the time, Cognizant said the purchase would enable it to become more involved in cable and telecommunications.
With services tailored for industry needs, Cognizant helps its clients put emerging technologies to work for them. The company has a market cap of $28.1 billion, a P/E ratio of 20.90 and a P/S ratio of 2.90. Cognizant had an annual average earnings growth of 32.50% over the past decade.
Information on the transaction can be found at GuruFocus' Real Time Picks.
GuruFocus rated Cognizant a business predictability rank of 4 stars.
This article first appeared on GuruFocus.