Fear Not Investors: Cognizant Technology Solutions Corp (CTSH) Still A Health Net, Inc. (HNT) Partner In Light Of Centene Corp (CNC) Deal

How are hedge funds trading Cognizant Technology Solutions Corp (NASDAQ:CTSH)?

According to hedge fund intelligence website Insider Monkey, Citadel Investment Group, managed by Ken Griffin, holds the biggest position in Cognizant Technology Solutions Corp (NASDAQ:CTSH) of 1.72 million shares. Citadel Investment Group has a $107.4 million position in the stock, comprising 0.1% of its 13F portfolio. Sitting in the number two spot is Ricky Sandler of Eminence Capital, with an $88.1 million position made up of 1.41 million shares; 1.4% of its 13F portfolio is allocated to the company. Some other peers that are bullish comprise Israel Englander’s Millennium Management, Brian Taylor’s Pine River Capital Management, and Stephen Mandel’s Lone Pine Capital.

Because Cognizant Technology Solutions Corp (NASDAQ:CTSH) has witnessed bearish sentiment from the entirety of the hedge funds we track, it’s easy to see that there lies a certain “tier” of fund managers who were dropping their entire stakes in the first quarter. It’s worth mentioning that J Kevin Kenny Jr.’s Emerging Sovereign Group sold off the largest position of all the hedgies followed by Insider Monkey, comprising 1.33 million shares, worth about $70.1 million. Fir Tree, founded by Jeffrey Tannenbaum, was right behind this move, as the fund dropped 1.22 million shares worth about $64.4 million. These transactions are interesting, as total hedge fund interest dropped by 17 funds last quarter.

Because of the retreat of hedge funds from Cognizant Technology Solutions Corp (NASDAQ:CTSH) and the latest news which will certainly have a negative impact on the company, though the damage done may not be as severe as the market is reacting, we gather than the stock is not a good bet at the moment.

Disclosure: None