MicroStrategy filed its proxy showing further share repurchases from the last update within its annual filing, BWS Financial analyst Hamed Khorsand tells investors in a research note. Since the beginning of the year, the company has repurchased approximately $46M worth of stock, after having bought back $111M in Q4, the analyst adds. He believes investors should take notice of the "aggressive" repurchase activity after several years of zero shares being purchased. The stock buyback activity is a pretty good indication on how business is trending, Khorsand writes. He still sees "considerable room to the upside" for the shares and keeps a Buy rating on MicroStrategy with a $200 price target.