Dell Technologies' return to the public market comes at a good time for the company and for prospective shareholders, CNBC's Jim Cramer said Tuesday as the rest of the stock market fell on macroeconomic worries.
"The new Dell Technologies has a lot going for it," Cramer said, highlighting its move beyond the personal computer. "Now, Dell is a one-stop shop for nearly all your corporate information technology needs, [with] market leading positions in a host of product categories. [...] The new Dell is all about enterprise spending on hardware and software, which I think is in secular growth mode."
And while there are some notable negatives to Dell's story, particularly its debt-laden balance sheet, the potential for a slowdown in the tech sector and its corporate governance structure, Cramer, host of "Mad Money," anticipated more upside.
"I think the positives here do outweigh the negatives for one very simple reason: Dell Technologies' stock is dirt-cheap at these levels," he told investors. "At these levels, I think the negatives are mostly baked in here and the positives are not, something that's even more obvious when you consider that Dell's stock actually managed to rally today even as the rest of the market crumbled."
Trading at less than six times the earnings estimates for fiscal year 2021, Dell's stock is giving investors an "insane" value given its trading history, Cramer said.
"Bottom line? Now that Dell Technologies is publicly traded again, I recognize the company is far from perfect, but that darned stock is too cheap to ignore," he said. "It's a buy."