In the latest trading session, Microsoft (MSFT) closed at $299.79, marking a +0.94% move from the previous day. The stock outpaced the S&P 500's daily loss of 0.58%.Prior to today's trading, shares of the software maker had gained 0.81% over the past month. This has lagged the Computer and Technology sector's gain of 2.08% and outpaced the S&P 500's gain of 0.16% in that time.Wall Street will be looking for positivity from MSFT as it approaches its next earnings report date. In that report, analysts expect MSFT to post earnings of $2.06 per share. This would mark year-over-year growth of 13.19%. Meanwhile, our latest consensus estimate is calling for revenue of $43.87 billion, up 18.09% from the prior-year quarter.MSFT's full-year Zacks Consensus Estimates are calling for earnings of $8.61 per share and revenue of $190.1 billion. These results would represent year-over-year changes of +8.03% and +13.1%, respectively.Investors should also note any recent changes to analyst estimates for MSFT. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. MSFT is currently sporting a Zacks Rank of #2 (Buy).Investors should also note MSFT's current valuation metrics, including its Forward P/E ratio of 34.51. Its industry sports an average Forward P/E of 34.71, so we one might conclude that MSFT is trading at a discount comparatively.Also, we should mention that MSFT has a PEG ratio of 3.11. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Computer - Software industry currently had an average PEG ratio of 3.05 as of yesterday's close.The Computer - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 166, putting it in the bottom 35% of all 250+ industries.The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com. Tech IPOs With Massive Profit Potential In the past few years, many popular platforms and like Uber and Airbnb finally made their way to the public markets. But the biggest paydays came from lesser-known names. For example, electric carmaker X Peng shot up +299.4% in just 2 months. Think of it this way… If you had put $5,000 into XPEV at its IPO in September 2020, you could have cashed out with $19,970 in November. With record amounts of cash flooding into IPOs and a record-setting stock market, this year’s lineup could be even more lucrative.See Zacks Hottest Tech IPOs Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Microsoft Corporation (MSFT): Free Stock Analysis Report To read this article on Zacks.com click here.