Shares of software maker VMware (VMW) - Get Report  were lower even after the company topped analysts' third-quarter earnings estimates and received a slew of upgrades from analysts.

The company reported net income of $621 million, or $1.50 a share, or adjusted earnings of $1.49 a share, on sales of $2.46 billion, up from $2.2 billion a year ago. Analysts were expecting the company to report earnings of $1.41 a share on revenue of $2.41 billion. 

The results led analysts at KeyBanc Capital Markets to raising their price target on the stock to $182 from $175 a share and maintain their overweight rating.

"We remain buyers of VMW as core growth platforms continued to demonstrate solid results," the firm said, while also noting that results were "stable" despite "increasing concerns the company may have seen weakening U.S. and international demand."

Analysts at Bank of America maintained their buy rating and $190 price target, saying the results were "solid" and there is a "continued positive setup in fiscal year 2021 and beyond."

Morgan Stanley has an equal-weight rating and $170 price target on the company.

"A broadening portfolio of solutions looks poised to sustain greater than 10% topline growth," Morgan Stanley's note said. 

Citi maintained its buy rating while raising its price target to $198 from $183 a share as results demonstrated "strong performance across products and geographies."

Finally, analysts at CFRA kept their hold recommendation on VMware while raising their price target to $180 from $160.

"We see growth partly supported by greater focus on security following the completed acquisition of Carbon Black while we also expect increasing interest for VMW's solutions amid the 5G buildout in the coming years. We forecast VMW is well-positioned to offer its own enterprise-grade, Kubernetes based portfolio for modern applications." 

Dell Technologies (DELL) - Get Report shares were falling Wednesday after the company reduced its full-year forecast for revenue, though Chief Financial Officer Tom Sweet did say that the performance by VMware, of which Dell owns an 81% stake, was responsible for a significant portion of its profits. 

The stock declined 0.29% to $164.43.