NEW YORK (TheStreet) -- Priceline.com (PCLN) announced on Tuesday that it has tweaked its name to The Priceline Group effective immediately. The company said the name change would have no effect on its ticker symbol nor its outstanding securities.
The Norwalk, Conn.-based business said it had changed its name to better represent its five primary brands - Booking.com, priceline.com, agoda.com, KAYAK and rentalcars.com.
"The corporate name change is intended to create a clear delineation between the global Priceline Group business, and The Priceline Group's North American travel brand priceline.com," the company said in a statement.
As CEO Darren Huston notes, the company is mainly comprised of five major brands which are "independently-managed and entrepreneurially-led."
"Today's name change doesn't signify any change in the strategy, or how we operate. Rather, it reflects how we have internally referred to the business for quite some time, and better aligns the name of the company with the actual structure of our business," Huston added.
By midafternoon Tuesday, Priceline shares have added 4% to $1,239.17.
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TheStreet Ratings team rates PRICELINE.COM INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate PRICELINE.COM INC (PCLN) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. 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, solid stock price performance, impressive record of earnings per share growth and expanding profit margins. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."