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What: Shares of Akamai Technologies (NASDAQ:AKAM) have popped by as much as 11% today after the company posted better-than-expected third-quarter earnings.

So what: Revenue rose 23% to $345 million, with adjusted earnings per share of $0.43. Both top and bottom lines bested the market's expectations, and Akamai saw meaningful increases in both gross and EBITDA margins.

Now what: Following the results, numerous analysts have upgraded Akamai. Canaccord Genuity upped Akamai to buy with a $45 price target, while Oppenheimer did the same but now gives Akamai a $50 price target. CEO Paul Sagan said the company's cloud investments have been paying off and the results speak for themselves. This was the fourth consecutive quarter of accelerating revenue growth and higher margins, Sagan added.

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