Microsoft (NASDAQ:) and other tech stocks have suffered in recent weeks.

Technology stocks and FAANG are leading the market down in the latest market selloff. Investors might have the opportunity to get in on this blue-chip powerhouse that rarely goes on sale.

Microsoft stock is a great investment because it has many growth drivers, and there’s very little hair in its solid foundations. As shares near correction territory, I feel bullish about the stock. TipRanks shows Microsoft stock charts.

The company’s rapid growth won’t slow down, even though the road ahead looks more daunting with high rates forecasted and the ease of COVID-19 tailwinds.

Microsoft’s Growth Engine

Microsoft can draw so many growth opportunities. Microsoft is a dominant player in both the Xbox gaming and Azure markets. There are very few holes in its armor.

Microsoft, despite being an older company has managed to find ways to continue its remarkable growth.

Microsoft Office and Windows subscriptions are still a big cash cow. However, these two ageless marvels no longer make the same money as they used to.

Microsoft’s high-growth businesses are more capable than ever of overcoming any slowdown in the widespread use of its software products.

Microsoft has experienced impressive growth over the last three years for a company of its size. The average annualized revenue growth was just above 15%.

Microsoft is moving into high gear amid the pandemic. They have posted increased strength on almost all fronts and made the most of the surge in IT spending that was triggered by the pandemic.

It will not be easy to stop Microsoft’s stock from sinking into the year-end because of broader market weakness.

Azure Gaining Momentum

Particularly, Azure’s cloud-computing company has been a strong force in the recent past. Satya Nadella is an extraordinary CEO and has helped to put Azure on the map. This makes Azure one of the most important ways you can play in ongoing digital transformation.

Azure experienced a phenomenal 51% increase in revenue, which is equivalent to 45% for a constant currency basis, during the quarter. Azure seems to have the wind at its back, in this digitally oriented workplace. Higher rates or slower economic growth will not be a problem for Azure.

Azure holds a 19.5% share of global cloud infrastructure market. However, Azure’s share has more than doubled in just a few short years.

Will Microsoft be able to increase its market share by at least 5% over the next 3 years? Although it will not be easy, it could reap huge rewards for its shareholders if it succeeds. It is looking to exert pressure on its competitors in the cloud public sector.

Wall Street Take

TipRanks analysts rate MSFT stock as Strong Buy. 21 analysts have given MSFT stock 21 Buy recommendations.

The average Microsoft price target is $336.19. Price targets for analysts can range anywhere from $275 per Share to $411 Per Share.

Bottom line

The correction of MSFT stock could very well prove to be a blessing. Microsoft continues to fire on all cylinders and has increased its focus on Azure, the top growth driver.

MSFT stock now has the froth off its top, making it one the most intriguing FAANG stocks.

Disclosure: Joey Frenette is not a shareholder in any of the mentioned companies at publication.

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