Wednesday was a mixed day for US stocks with some companies gaining and others losing points. One of the top performers was Microsoft Corporation, with shares jumping 3.71% or 7.04 points to trade at 196.84 at the close of the trading session. On Wednesday, the company’s shares rose to a record high, surpassing $1.5 trillion.
While the country was shaken up by civil unrest and risky economics, investors chose to concentrate on major technology companies. Although the coronavirus pandemic was devastating for many businesses, Microsoft managed to boost its popularity during lockdowns.
The company put a lot of effort into its cloud computing system by improving its Office 365 software. Thanks to different Office apps, Microsoft users are able to be productive both at home and at their workplaces.
Microsoft Teams is another product of the company that caught the attention of investors. As the pandemic forced many businesses to change their working patterns and transition to home offices, software products like Microsoft Teams were highly appreciated.
The video chat software allowed many companies to continue their work during the pandemic and keep their businesses afloat. While there were several apps used for video conference calls, one unique Microsoft Teams feature is the ability to blend video calls with chat, allowing users to multitask.
To keep the momentum going, Microsoft works on the improvement of both its cloud computing and remote work apps. With constant updates and bug fixes, both Microsoft 365 and Microsoft Teams continue to offer individuals and businesses an easier way to work on personal and professional projects.
Analyst stock price forecast and recommendation
According to CNN Money, 30 analysts offering 12-month price forecasts for Microsoft Corp. have an average price target of $200.00, with a high estimate of $250.00 and a low estimate of $145.00. The average estimate represents a +1.57% increase from the last price of $196.90.
The same media also offers the recommendations of 34 investment analysts who have a consensus rating of “Buy” for the Microsoft Corp. stock. Out of the 34 analysts, 28 ranked the company’s stock as “Buy”, 4 as “Hold” and 2 – as “Outperform”.