The S&P 500 (SNPINDEX: ^GSPC) is one of three major U.S. stock market indexes, though it is widely seen as the best gauge for U.S. equities because of its breadth. The index includes over 80% of domestic stocks by market capitalization.
The S&P 500 is usually updated quarterly on the third Friday of March, June, September, and December. But software company Datadog (NASDAQ: DDOG) was added to the index before the market opened on July 9. It replaced Juniper Networks, which was recently acquired by Hewlett Packard Enterprise.
Datadog stock has returned 300% since January 2020, but some Wall Street analysts see more gains on the horizon. Yun Kim at Loop Capital tops that list. His target price of $200 per share implies 31% upside from its current share price of $152. Read on to learn more.