Microsoft (MSFT) stock was down on Friday despite an update for its Xbox Cloud Gaming service. This is the company’s service that allows Xbox owners with a Game Pass subscription to stream games to their devices rather than playing a downloaded or physical version. This is important to Microsoft as it allows Xbox games to be played on more devices and while on the go.
TipRanks Black Friday Sale
With this latest update, Microsoft has added new Xbox Cloud Gaming servers to Brazil and Argentina, expanding the number of subscribers that can utilize the service. This marks the second expansion of the service this month, after the video game company added support for Xbox Cloud Gaming in India.
Microsoft has been pushing to make Xbox available on more platforms, which is part of its “Everything is an Xbox” strategy. This has resulted in the company releasing games on multiple platforms, including those owned by Sony (SONY) and Nintendo (NTDOF). The company switched to this strategy after the Xbox Series X|S proved to be a disappointment, only reaching sales just above the original Xbox and well below the Xbox One and the Xbox 360.
Microsoft Stock Movement Today
Microsoft stock was down 1.3% on Friday but remained up 12.86% year-to-date. The stock has also rallied 14.73% over the past 12 months. Stock movement today saw some 13 million shares change hands, compared to a three month daily average trading volume of 22.52 million units.
Is Microsoft Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Microsoft is Strong Buy, based on 33 Buy and two Hold ratings over the past three months. With that comes an average MSFT stock price target of $631.98, representing a potential 33.72% upside for the shares.
See more MSFT stock analyst ratings
Disclaimer & DisclosureReport an Issue
