Microsoft (MSFT) stock was down Friday despite an update to 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 because it allows Xbox games to be played on more devices and on the go.
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With this latest update, Microsoft has added new Xbox Cloud Gaming servers in Brazil and Argentina, increasing the number of subscribers who can use the service. This is the second expansion of the service this month, after the gaming company added support for Xbox Cloud Gaming in India.
Microsoft is working to make Xbox available on more platforms, part of its “Everything is an Xbox” strategy. This has led the company to release games on multiple platforms, including those owned by Sony (SONY) and Nintendo (NTDOF). The company opted for this strategy after the Xbox Series X|S proved to be a disappointment, reaching sales just above the original Xbox and well below the Xbox One and Xbox 360.
Microsoft stock movement today
Microsoft stock was down 1.3% on Friday but remained up 12.86% year to date. The stock is also up 14.73% over the past 12 months. Stock movement today saw some 13 million shares change hands, compared to a three-month average daily trading volume of 22.52 million units.
Is Microsoft Stock a Buy, Sell or Hold?
As for Wall Street, the analyst consensus rating for Microsoft is Strong Buy, based on 33 Buy ratings and two Hold ratings over the past three months. This comes with an average MSFT stock price target of $631.98, representing a potential upside of 33.72% for shares.
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