Credit: Shutterstock photoSoftware leader Microsoft ( MSFT ) earned positive reviews from Wall Street analysts for the product announcements and long-range vision it presented at its Ignite business technology conference on Monday in Orlando.
In a keynote speech, Microsoft Chief Executive Satya Nadella talked about enhancements to the company's cloud-computing and productivity software products and services, including the infusion of artificial intelligence, or AI, technology.
Plus, Nadella announced a new programming language for quantum computing, which is focused on developing computer technology based on the principles of quantum theory, which explains the nature and behavior of energy and matter on the quantum (atomic and subatomic) level.
"Innovation is alive and thriving at Microsoft and the company continues to capitalize on data, AI, hybrid and cloud technologies to ensure that it remains pivotal to the evolving business processes of tomorrow," RBC Capital Markets analyst Ross MacMillan said in a note to clients about the Microsoft conference. He reiterated his outperform rating on Microsoft stock with a price target of 77.
Microsoft shares were unchanged at 73.26 at the closing bell on the stock market today .
IBD'S TAKE:Microsoft stock has an IBD Composite Rating of 85, meaning it has outperformed 85% of stocks in key metrics over the past 12 months. For more analysis of Microsoft, visit the IBD Stock Checkup .
"We continue to see Microsoft pushing the envelope of technology innovation with an AI-first strategy and quantum computing efforts that could sustain an improving growth and (free cash flow) margin trajectory over the next three to five years," KeyBanc Capital Markets analyst Brent Bracelin said in a report. He rates Microsoft stock as overweight with a price target of 82.
Microsoft officials showcased enhancements to the company's Office 365 productivity suite, including making Teams the primary application for communications, replacing Skype for Business for voice and video calls. Teams is now being used by over 125,000 organizations worldwide just six months since its launch.
Redmond, Wash.-based Microsoft is establishing Teams as a hub for teamwork in Office 365, bringing together conversations, meetings, files, Office and workflow apps.
Microsoft also is integrating its LinkedIn professional network deeper into its products, including Office 365 and Dynamics 365.
Microsoft customers will be able to see information from LinkedIn profiles in Microsoft apps and services.
"This new experience, rolling out now for first release customers in Outlook Web Access, SharePoint and OneDrive for Business, enhances the way you collaborate and build relationships by providing insights about the people you're working with, inside and outside your organization, right from within Office 365," the company said in a news release .
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
