Image source: Hewlett-Packard Enterprise Co.

What: Shares of Hewlett-Packard Enterprise Company (NYSE:HPE) rose 33.6% in March, according to data provided by S&P Global Market Intelligence, on the heels of the enterprise computing specialist's solid fiscal first-quarter 2016 results.

So what: More specifically, this is a continuation of optimism surrounding that report, which caused shares to rise more than 13% in a single day early last month. HP Enterprise recorded a 3% decline in quarterly revenue, to $12.72 billion, but would have seen sales increase 4% if it weren't for foreign currency exchange. That translated to an 80% decrease in GAAP net earnings, to $267 million, or $0.15 per share.

That might not sound impressive, but note that this was Hewlett-Packard Enterprise's first full quarter since separating from HP in late 2015, and marked the first time since 2010 the company achieved positive constant-currency revenue growth in every business segment. On an adjusted (non-GAAP) basis -- which excludes items like stock-based compensation, and costs related to mergers, acquisitions, and restructuring -- net income also fell a less-steep 27.5%, to $731 million, or $0.41 per share. And analysts, on average, were expecting slightly lower revenue of $12.67 billion to result in adjusted earnings of $0.40 per share. HPE also told investors to expect full fiscal-year adjusted earnings per share of $1.85 to $1.95, the midpoint of which was well above consensus estimates for earnings of $1.87 per share.

Now what: It also helped that the broader markets enjoyed positive momentum last month; both the S&P 500 and Nasdaq Composite Index rose nearly 7% when all was said and done in March. So given investors' largely positive response to Hewlett-Packard Enterprise's strong inaugural quarter early in the month, it's no surprise the stock has been able to sustain its momentum in the ensuing weeks. As Hewlett-Packard Enterprise distances itself from the separation, I suspect the stock should have more room to rise from here.