Hedge Funds Gain Big on Ulta Salon Cosmetics (ULTA)

Ulta Salon Cosmetics and Fragrance, Inc. (ULTA) opened the market today at $66.75 a share after closing at $65.58 Friday. By 10am, the share price has jumped to $69.32 a share and climbing. ULTA is a favorite of Jim Cramer who announced the stock as a good speculative buy on his Mad Money show Friday. ULTA has had strong performance, bordering a rally, and he thought the temporary decrease in price was a momentary weakness, advising investor to buy while the price was still depressed. Based on this morning’s gains, Cramer seems to have called it correctly.

VINIK ASSET MANAGEMENT

Several hedge fund gained big on the surprise increase:

1. Miura Global Management - Pasco Alfaro / Richard Tumure: Gained $5.8 million

2.Vinik Asset Management - Jeffrey Vinik: Gained $4.6 million

3. Coatue Management - Philippe Laffont: Gained $2.6 million

4. Manatuck Hill Partners - Mark Broach: Gained $745,008

5. D E Shaw - D. E. Shaw: Gained $732,112

6. Fox Point Capital Management - Charles Anderson: Gained $561,000

7. Driehaus Capital - Richard Driehaus: Gained $535,575

These calculations assume that these hedge funds did not increase or reduce their stock positions in ULTA since the end of June. We did not take into account their option positions.

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