/ʊl.luː/ (derived from Sanskrit उलूक
/uluːka/) appears superficially very similar to Latin ulula (both meaning "owl"). Are these words cognate?
One hypothesis is that these words are cognates, going back to an Indo-European word for "owl" (see also English "owl", German Eule, and so on).
Another hypothesis is that they're all onomatopoetic, imitating the sound of some species of owl, and weren't actually inherited from PIE. In this case it's "coincidence" rather than genetic relationship, in the same way that English "hoot" and Ancient Greek huhuzō ("to hoot") are a "coincidence": they're imitating the same sound in nature.
Most likely, in my opinion, it's a combination of the two: a word arose in PIE through onomatopoeia, and this onomatopoeia kept the form relatively consistent despite various sound changes (since the sound of an actual owl call would keep reinforcing the original form). If this is true, then yes, they are cognate.