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Why this week could be crucial for Microsoft

Next catalyst for Microsoft

Microsoft closed out the first quarter of 2014 as a surprise winner, registering the second best return among Dow components and building off big gains from 2013. According to one analyst, this could just be the start of Microsoft's upward momentum.

For the second time in a week, CEO Satya Nadella is gearing up to attend a major event for the company that he started running earlier this year. Following last week's release of the 'Office' app for Apple's iPad, Microsoft and Nadella are now set to host the Build Developer Conference later this week in San Francisco.

Microsoft didn't wait until the conference though to announce a number of executive changes, naming new heads to its Cloud and Enterprise, Xbox, and Devices groups on Monday.

Brent Thill, Managing Director and Senior Analyst at UBS, has a "buy" rating on Microsoft and said on CNBC's "Fast Money" on Monday that the Nadella-era changes to the company should continue to benefit the stock.

"What's been the bigger inflection point is the change at the upper management with Satya's focus on opening up and going cloud-first and mobile-first," he said. "We think that continues to be the big driver of the story."

With gains of more than 8 percent in the past month alone, it remains to be seen whether or not investors will like what they hear from Nadella and Microsoft at this week's conference.