Microsoft’s stock is often “a safe place” for investors to be between earnings reports, analysts at Guggenheim Partners said in a client note on Thursday. And after its June-quarter results, the analysts said “future estimates no longer look challenging,” therefore making the “‘safe period’” likely to extend longer.

In the last five years, Microsoft’s stock has displayed a slight inclination towards negative one-day returns following earnings announcements.

Shares of Microsoft finished up 4% at $533.50, an all-time closing high, according to Dow Jones Market Data. Microsoft closed with a market cap of $3.966 trillion, just short of j