Once per quarter, the S 500 index undergoes a rebalancing. Essentially, this is a list of requirements companies must meet to be eligible and maintain their status as a member of the S&P 500. The quarterly rebalances ensure that new companies enter the index while replacing businesses that have fallen out of eligibility.

One company that was just added to the S 500 is website and e-commerce specialist (NYSE: GDDY). Admittedly, I always viewed GoDaddy as somewhat of a commoditized business that was known for creative (if not controversial) television commercials featuring celebrities, models, and professional athletes. However, over the years, the company has quietly built an impressive operation. What's even better is the stock looks like an absolute bargain right now.

Let's dig into GoDaddy's business and explore why this new member of the S 500 is a no-brainer opportunity.

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Source Fool.com