Microsoft’s (NASDAQ:MSFT) Market Cap Tops $500-B
$MSFT, $AAPL, $GOOGL
Microsoft Corp.’s (NASDAQ:MSFT) market capitalization topped $500-B for the 1st time since Y 2000 Friday, after the technology giant’s stock rose following another Quarter of results that beat The Street’s expectations.
Shares of the world’s biggest software company rose as much as 2.1% to 65.64, an all-time high, in early trading, valuing the company at $510.37-B.
The last time Microsoft was valued more was in March 2000, during the dotcom era, when it had a market value of a little above $550-B, according to the data.
Despite the gains, Microsoft still lags Apple Inc.’s (NASDAQ:AAPL) market capitalization of about $642-B and Google-parent Alphabet Inc.’s (NASDAQ:GOOGL) market value of a little more than $570-B.
Microsoft reported Q-2 results Thursday that beat analysts’ average estimate for both revenue and profit, mainly due to its fast-growing cloud computing business.
The company’s profit and revenue have now topped Wall Street’s expectations in 7 of the last 8 Quarters.
Chief Executive Satya Nadella has been trying to reinvigorate Microsoft since taking over the lumbering giant nearly three years ago, and has helped build more credibility around the company’s efforts in areas such as cloud-based services.
When he took the top job in February 2014, the company’s stock was trading at around 34 and its market value was roughly $315-B, according to the data.
About 11 brokerages raised their price targets on the stock, boosting the median price target to 68.50 from 68.00.
Of the 37 analysts covering the stock, 27 rate it “buy” or higher, eight have a “hold” rating and two “strong sell.”
|NASDAQ:MSFT||65.78||27 January 2017||1.51||65.39||65.91||64.89||24,009,009|
|HeffX-LTN Analysis for MSFT:||Overall||Short||Intermediate||Long|
|Bullish (0.41)||Bullish (0.38)||Very Bullish (0.62)||Neutral (0.22)|
Have a terrific weekend