Microsoft Corporation shares have outperformed the S&P 500 in the past year, generating a total return of 42 percent. Microsoft is still putting up impressive growth numbers. But with a $2.31 trillion market cap, some investors are wondering if there’s any value left in Microsoft stock. Earnings A price-to-earnings ratio (PE) is one of the most basic fundamental metrics for gauging a stock’s value. The lower the PE, the higher the value. For comparison, the S&P 500’s PE is currently at about 29.5, nearly double its long-term average of 15.6. Microsoft’s PE is currently 34.0, slightly higher than the S&P 500 average as a whole. Microsoft’s PE is also up 30.3 percent over the past five years, suggesting its earnings multiple is on the high end of its historical range. Growth Looking ahead to the next four quarters, the S&P 500’s forward PE ratio looks much more reasonable at just …