Hot tech stocks have been on an incredible run, but Jim Cramer says Microsoft (MSFT) - Get Report and several other popular names aren't quite priced out of reach. 

"Yes, these have all had big runs, but with the exception of Nvidia (NVDA) - Get Report , they are relatively cheap versus the S&P's average price to earnings multiple if you are willing to look out into next year -- the best way to consider and gauge high growth stocks," Cramer said during a private conference call with members of his Action Alerts PLUS club for investors.

Other mega-cap names including Apple (AAPL) - Get Report , Broadcom (AVGO) - Get Report , Facebook (FB) - Get Report and Alphabet (GOOGL) - Get Report also remain relatively cheap, the stockpicker said. 

Mega-cap tech stocks have been on an incredible run, but Jim Cramer believes there are a few names that are still 'relatively cheap.'

Microsoft is "particularly compelling" due to several outperforming business lines, especially its Azure cloud-computing segment," Cramer said. He added that Azure should help fuel another strong quarter for MSFT, which plans to report fiscal-second-quarter earnings on Jan. 31. Wall Street is looking for earnings of 86 cents per share on revenue of $28.3 billion, while analysts expect sales for Microsoft's Intelligent Cloud business (which includes Azure) to increase year on year.

Cramer recommended Microsoft "ahead of what we think will be a stellar quarter -- including fantastic Azure numbers, their proprietary cloud Web service that competes with Amazon Web Services and the Google Cloud."

Amazon Web Services -- the cloud offering from Internet giant Amazon  (AMZN) - Get Report  -- is currently the industry's largest public cloud vendor. But Microsoft Azure is rapidly gaining market share and Microsoft has nearly doubled quarterly cloud revenue since early 2016. Many experts expect that uptrend to continue into the future.

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