In the latest trading session, Microsoft (MSFT) closed at $292.88, marking a -0.46% move from the previous day. This change lagged the S&P 500's 0.24% loss on the day.Prior to today's trading, shares of the software maker had lost 0.93% over the past month. This has was narrower than the Computer and Technology sector's loss of 5.49% and the S&P 500's loss of 2.12% in that time.Investors will be hoping for strength from MSFT as it approaches its next earnings release. 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, the Zacks Consensus Estimate for revenue is projecting net sales of $43.87 billion, up 18.09% from the year-ago period.MSFT's full-year Zacks Consensus Estimates are calling for earnings of $8.64 per share and revenue of $190.12 billion. These results would represent year-over-year changes of +8.41% and +13.11%, 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. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 0.02% higher. MSFT is currently sporting a Zacks Rank of #2 (Buy).Valuation is also important, so investors should note that MSFT has a Forward P/E ratio of 34.04 right now. This valuation marks a premium compared to its industry's average Forward P/E of 33.75.Investors should also note that MSFT has a PEG ratio of 3.07 right now. 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 2.87 as of yesterday's close.The Computer - Software industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 157, which puts it in the bottom 39% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual 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.Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions. Time to Invest in Legal Marijuana If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%. You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>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.