|Bid||92.71 x 800|
|Ask||94.49 x 3000|
|Day's Range||93.33 - 95.78|
|52 Week Range||62.18 - 102.05|
|Beta (5Y Monthly)||0.54|
|PE Ratio (TTM)||10.84|
|Forward Dividend & Yield||0.40 (0.42%)|
|Ex-Dividend Date||Oct 06, 2020|
|1y Target Est||N/A|
Root, the parent of Root Insurance, could raise as much $604 million when it goes public next week. Root is expected to price its deal next Tuesday, Oct. 27, and trade the next day, two people familiar with the matter said. With roughly 250 million class A and class B shares outstanding, Root could have a $6.2 billion market capitalization at the high point of that range.
(Bloomberg) -- Retool, Inc., a startup that’s less than four years old, is worth almost $1 billion after raising money from some of Silicon Valley’s top investors including Sequoia Capital and executives from GitHub Inc. and Stripe Inc.The San Francisco-based company recently completed a $50 million financing that was led by Sequoia and values Retool at $925 million. That follows an earlier $25 million round. Other backers include GitHub Chief Executive Officer Nat Friedman, Stripe founders Patrick and John Collison, Brex Inc. founders Henrique Dubugras and Pedro Franceschi, and Y Combinator co-founder Paul Graham.Retool is riding a wave of interest in products that make it easier for developers to build applications and other software. The value of this part of the tech industry was highlighted in 2018 when GitHub, which helps developers share code and collaborate, was bought by Microsoft Corp. for $7.5 billion.While GitHub caters to mostly expert software developers, there’s huge demand for this type of support among less tech-savvy workers. That’s led to an explosion of low-code offerings that don’t require as much knowhow and no-code services, which need no prior coding knowledge.Retool is taking a low-code approach and the startup focuses on companies that need to build their own internal software tools. Instead of writing software from scratch, these customers can drag and drop Retool’s pre-made building blocks into place, and then use their own code to tweak or customize the final product.David Hsu, a 25 year-old software engineer, founded Retool in 2017 after realizing how much time he wasted building internal applications in a similar way over and over again. “Lots of engineers fundamentally don’t want to do that,” he said.The first few lines of code for Retool were written in March 2017. That summer, Retool presented at Y Combinator’s Demo Day, an almost sacred Silicon Valley ritual that showcases promising young startups twice a year. A $1 million seed round followed, and soon after the first customers started using Retool.The company says its service helps developers build applications up to 40 times faster while retaining the flexibility of writing their own code. Customers include Amazon.com Inc., Daimler AG’s Mercedes-Benz, Progressive Corp., Peloton Interactive Inc. and Rakuten Inc.Bryan Schreier, partner at Sequoia, said he was drawn to Retool based on his experience at Google. Schreier oversaw a team building internal tools and he said most of his colleagues were “desperate to do just about anything else.”Schreier, a Retool board member, also noted that Hsu insisted on keeping Retool’s valuation below $1 billion. That milestone gains startups the coveted “unicorn” status, but the phenomenon has sometimes caused young companies to expand too quickly with disastrous results.“There is a tendency to glorify a billion-dollar valuation,” Hsu said. “We want to signal that to people that we are just getting started.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of The Progressive Corporation (Progressive) and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.