Is Ulta Salon, Cosmetics & Fragrance, Inc. (ULTA) A Good Stock To Buy?

Consequently, key hedge funds have jumped into Ulta Salon, Cosmetics & Fragrance, Inc. (NASDAQ:ULTA) headfirst. Scopus Asset Management, managed by Alexander Mitchell, initiated the most outsized position in Ulta Salon, Cosmetics & Fragrance, Inc. (NASDAQ:ULTA). Scopus Asset Management had $64.3 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also made a $47.1 million investment in the stock during the quarter. The other funds with brand new ULTA positions are Anand Parekh’s Alyeska Investment Group, Richard Chilton’s Chilton Investment Company, and Guy Shahar’s DSAM Partners.

Let’s now review hedge fund activity in other stocks similar to Ulta Salon, Cosmetics & Fragrance, Inc. (NASDAQ:ULTA). We will take a look at Genuine Parts Company (NYSE:GPC), Northern Trust Corporation (NASDAQ:NTRS), TD Ameritrade Holding Corp. (NYSE:AMTD), and Grupo Televisa SAB (ADR) (NYSE:TV). This group of stocks’ market valuations are closest to ULTA’s market valuation.

As you can see these stocks had an average of 23 hedge funds with bullish positions and the average amount invested in these stocks was $705 million. That figure was $2.04 billion in ULTA’s case. Northern Trust Corporation (NASDAQ:NTRS) is the most popular stock in this table. On the other hand TD Ameritrade Holding Corp. (NYSE:AMTD) is the least popular one with only 17 bullish hedge fund positions. Compared to these stocks Ulta Salon, Cosmetics & Fragrance, Inc. (NASDAQ:ULTA) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.