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@MarketWatchDatadog’s stock soars on S&P 500 nod — as the wait continues for Robinhood
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Datadog Jumps After S&P 500 Adds Firm, Ousts Juniper Networks
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S&P Dow Jones Indices said late Wednesday that software-monitoring provider Datadog Inc. will join the S&P 500, replacing Juniper Networks Inc. The index change will take effect before the start of trading on July 9.
Juniper is being removed after its $13.4 billion takeover by Hewlett Packard Enterprise Co. closed earlier in the day, triggering the rebalancing. The adjustment continues a run of technology additions to the benchmark this year as the sector’s weight in the gauge increases.
Datadog’s stock surged as much as 10% in post-market trading to about $146, positioning the company with a market value of roughly $46 billion. Inclusion in the index typically boosts demand for a company’s shares because funds that track the S&P 500 must buy the stock.
New York-based Datadog, which went public in 2019, reported first-quarter net income of $24.6 million on revenue of $761.6 million. Its rivals include Cisco-owned Splunk, Elastic and the cloud divisions of Amazon and Microsoft.
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