NEW YORK ( TheStreet) -- Shares of Citrix Systems (CTXS) - Get Report topped the S&P 500 on Wednesday with an 8% gain, making it TheStreet's Move of the Day.

Shares rose after the company announced a cooperation agreement on Tuesday with activist investment firm Elliott Management, which already has a 7.5% stake in the company.

Jesse Cohn, head of U.S. equity activism at Elliott, will be joining the Citrix board, replacing Asiff Hirji. 

Plus, the software company's CEO Mark Templeton announced his retirement, after a 21-year tenure.

Shares were also boosted after beating Wall Street's top and bottom line estimates for second-quarter results, released Tuesday. Earnings a share came in at $1.00, ahead of the $0.82 analysts were looking for. Revenue of $796.76 million eclipsed analysts' estimates of $790.37 million and rose 2% year-over-year.

"We are starting to see the benefits of the restructuring actions we took at the start of 2015 in terms of margin expansion," Templeton said. "Through the additional actions we are announcing today, we're taking steps to ensure that we are focusing all of our energy on our core secure app delivery offerings and setting the company up for even better execution, greater efficiency and profitable growth."

The analysts at SunTrust Robinson Humphrey and Needham & Co. held a buy rating with an $82 price target. Robert W. Baird analysts held an outperform rating and an $80 target. The stock trades near $75.36.

Shares have risen 18.2% since the start of the year. ¿