In the latest trading session, Microsoft (MSFT) closed at $209.83, marking a +1.9% move from the previous day. This change outpaced the S&P 500's 1.74% gain on the day. Meanwhile, the Dow gained 1.91%, and the Nasdaq, a tech-heavy index, added 1.88%.Prior to today's trading, shares of the software maker had gained 1.6% over the past month. This has outpaced the Computer and Technology sector's loss of 1.67% and the S&P 500's loss of 1.86% in that time.Wall Street will be looking for positivity from MSFT as it approaches its next earnings report date. On that day, MSFT is projected to report earnings of $1.53 per share, which would represent year-over-year growth of 10.87%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $35.67 billion, up 7.92% from the year-ago period.MSFT's full-year Zacks Consensus Estimates are calling for earnings of $6.39 per share and revenue of $155.26 billion. These results would represent year-over-year changes of +10.94% and +8.56%, respectively.It is also important to note the recent changes to analyst estimates for MSFT. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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 has moved 0.01% higher. MSFT is currently sporting a Zacks Rank of #4 (Sell).Investors should also note MSFT's current valuation metrics, including its Forward P/E ratio of 32.22. For comparison, its industry has an average Forward P/E of 32.24, which means MSFT is trading at a discount to the group.We can also see that MSFT currently has a PEG ratio of 2.35. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Computer - Software stocks are, on average, holding a PEG ratio of 2.68 based on yesterday's closing prices.The Computer - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 82, putting it in the top 33% of all 250+ industries.The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.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.