Microsoft (MSFT) closed the most recent trading day at $277.01, moving -1.33% from the previous trading session. This move was narrower than the S&P 500's daily loss of 1.59%.Heading into today, shares of the software maker had gained 8.22% over the past month, outpacing the Computer and Technology sector's gain of 2.79% and the S&P 500's gain of 2.53% in that time.Investors will be hoping for strength from MSFT as it approaches its next earnings release, which is expected to be July 27, 2021. The company is expected to report EPS of $1.90, up 30.14% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $44.07 billion, up 15.87% from the year-ago period.Investors might also notice recent changes to analyst estimates for MSFT. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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 a Zacks Rank #3 (Hold).Valuation is also important, so investors should note that MSFT has a Forward P/E ratio of 33.8 right now. For comparison, its industry has an average Forward P/E of 42.1, which means MSFT is trading at a discount to the group.Also, we should mention that MSFT has a PEG ratio of 2.61. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Computer - Software stocks are, on average, holding a PEG ratio of 2.45 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 116, putting it in the top 46% 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.To follow MSFT in the coming trading sessions, be sure to utilize Zacks.com. 5 Stocks Set to Double Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. Today, See These 5 Potential Home Runs >>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.