NEW YORK ( TheStreet) -- Ulta Salon Cosmetics & Fragrances (Nasdaq: ULTA) is trading at unusually high volume Thursday with 2.8 million shares changing hands. It is currently at four times its average daily volume and trading up $2.08 (+2.5%) at $86.35 as of 12:55 p.m. ET. Ulta Salon Cosmetics & Fragrances has a market cap of $5.31 billion and is part of the services sector and diversified services industry. Shares are up 29.8% year to date as of the close of trading on Wednesday. Ulta Salon, Cosmetics & Fragrance, Inc. operates as a beauty retailer that provides prestige, mass, and salon products; and salon services in the United States. The company has a P/E ratio of 44.7, equal to the average diversified services industry P/E ratio and above the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates Ulta Salon Cosmetics & Fragrances as a buy. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and expanding profit margins. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value. You can view the full Ulta Salon Cosmetics & Fragrances Ratings Report. See all heavy volume stocks in our stocks moving on unusual volume list or get investment ideas from our investment research center.