3 New NASDAQ 100 Index Additions to Buy Now we've put together an overview of 3 new Nasdaq 100 index additions that could be worth adding now, as they are quality companies with solid long-term growth prospects.

New Nasdaq 100 Stocks to Buy Now

It's always interesting to see which names make it into major indices when they are rebalanced, as these moves can give investors valuable insight into where a stock might be heading in the coming months. For example, several companies are being added to the Nasdaq 100 index at the end of the week, which is made up of 100 of the largest non-financial companies that are listed on the Nasdaq stock market. This is noteworthy as the stocks being added can potentially benefit from increased analyst coverage, more liquidity, and a larger investor base going forward.
While getting added to a major index doesn't always lead to higher share prices, the newest additions to the Nasdaq 100 are all intriguing businesses that were worth a look from long-term investors even before the rebalance news broke. That's why we've put together an overview of 3 new Nasdaq 100 index additions that could be worth adding now, as they are quality companies with solid long-term growth prospects.

Datadog (NASDAQ: DDOG)

Although quite a few software growth stocks are getting taken to the woodshed at the moment, Datadog is still trading above its 50-day moving average and could be worth a look given its market leadership status and its addition to the Nasdaq 100 average. The company provides a monitoring and analytics platform for developers, IT operations teams, and business users in the cloud age, which is attractive given the long-term secular trends driving growth in that industry.
Datadog customers can benefit from a better visibility on infrastructure usage, an improved customer experience, lower downtime, faster product innovation, and more, which is likely a big reason why the company has a current dollar-based net retention rate of 130%. The company recently reported Q3 revenue growth of 75% to $270 million and had 1,800 customers with annual recurring revenue of $100,000 or more as of September 30, 2020, an increase of 66% year-over-year. It's clear that Datadog has developed a platform that customers keep coming back for more, and it's certainly one of the top cloud software stocks to consider owning for the long term.

Fortinet (NASDAQ: FTNT)

Fortinet has been nothing short of a monster in 2021, as the cyber security solutions stock has rallied over 123% year-to-date. Its planned addition to the Nasdaq 100 caps off a monumental year for the company, and one could argue that it's the premier cybersecurity stock to own for the long term. Fortinet's products include unified threat management appliances, firewalls, network security, and a security platform, which appeal to a variety of different clients including small and medium-sized businesses, government entities, enterprises, and more.
For perspective, cybercrime costs organizations an estimated $2.9 million every minute, and significant data compromises can permanently damage a company's reputation. The truth is that cybersecurity threats are not going away anytime soon, especially with more enterprises are offering remote work than ever before. That means the top companies in the industry like Fortinet have a very bright future ahead. Finally, the fact that it costs Fortinet's existing clients a fortune to switch to other vendors is another good reason to think about adding shares.

Airbnb (NASDAQ: ABNB)

Another new addition to the Nasdaq 100 index that is worth checking out as is Airbnb. It's a company that is disrupting the travel industry with its online platform for booking alternative accommodations. Many travelers prefer using Airbnb versus staying in a hotel given that the accommodations listed on the platform can be more affordable, provide a more unique experience, and offer more amenities. Property owners also like to list on Airbnb's platform to generate extra income and to take advantage of its massive scale.
While the entire travel industry has certainly been impacted by the pandemic, Airbnb's earnings results have been nothing short of impressive in recent quarters. In Q3, the company reported its highest revenue figure ever at $2.2 billion, which was an even higher amount than Q3 2019 before the pandemic. Airbnb also posted record net income and Adjusted EBITDA in Q3, which speaks volumes about the direction that this growing company is heading. Like many growth stocks, Airbnb has been facing some serious selling pressure in recent weeks. A date with the 200-day moving average looks possible here, which would be a very compelling spot for long-term investors to consider adding shares at.