The inclusion of Datadog in the S&P 500 brings several strategic benefits that go beyond immediate stock price growth..

Shares of Datadog ( DDOG 14.14%) charged sharply higher Thursday. As of 10:53 a.m. ET, the stock was up 13.1%. The catalyst that sent the cloud monitoring, analytics, and security company soaring was the revelation that the stock will be joining the most widely followed stock market index in the U.S.

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Datadog Inc. (NASDAQ: DDOG) shares are trading higher Thursday after S&P Dow Jones Indices announced the company will be added to the S&P 500 index next week on Wednesday.

On Wednesday after the close of trading, S&P Dow Jones Indices announced that Datadog would replace Juniper Networks on the S&P 500 index beginning on July 9. Juniper was acquired by Hewlett Packard Enterprise earlier in the day.