Dell is now “one of the hottest turnaround stories in tech,” Cramer said Monday, adding he thinks the stock is a buy, buy, buy.

The Round Rock, Texas-based company had long been held hostage to a moribund personal computer market, which is in secular decline. Dell still gets roughly half of its sales from laptops and desktops, but Cramer noted the company has radically cut costs in its PC business, thereby improving profits.

Dell has also revamped its enterprise business, Cramer said. To provide business customers with full end-to-end solutions, including storage, networking and software, Dell used to have to rely on third-party vendors. So the company decided to develop its own storage, networking and software products and now, its enterprise business is wholly-owned. That decision has really helped the bottom line, Cramer said.

Considering these changes, Cramer thinks Dell has really turned itself around. He expects the company will report “excellent” earnings results on February 21.

Dell’s stock currently sells for just 8.7 times forward earnings with a 5 percent growth rate. Cramer thinks it’s a cheap stock given that Dell has $7 billion of net cash on its balance sheet, as well as a massive buyback that’s equivalent to 22 percent of the company’s market cap. He thinks it’s a buy right now, even as it’s flirting with its high, but would prefer investors buy shares on a pullback.

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