Investors were right to be locked and loaded on Microsoft (MSFT) - Get Report blowing away Wall Street profit forecasts on Wednesday.

The tech giant trounced analyst profit estimates after the close on strong demand for Office products and cloud.

It has never this cheap to hedge against the big-time rally in Microsoft's stock, according to Bloomberg data. Options to protect investors against a dive in Action Alerts Plus holding Microsoft's stock are the cheapest ever compared to contracts that bet on gains. The skew ratio is the lowest among S&P 500 components, per Bloomberg data. 

Microsoft is "particularly compelling" due to several outperforming business lines, especially its Azure cloud-computing segment," TheStreet's founder Jim Cramer said during a private conference call with members of his Action Alerts PLUS club for investors.

He added that Azure should help fuel another strong quarter for Microsoft. 

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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