NEW YORK (TheStreet) -- Shares of Akamai Technologies (AKAM) - Get Report were surging 13.71% to $67.17 on heavy trading volume late Wednesday morning after the company posted better-than-expected results for the 2016 third quarter.

After yesterday's closing bell, the Cambridge, MA-based cloud services provider reported adjusted earnings of 68 cents per diluted share, exceeding analysts' estimates of 61 cents per share.

Revenue came in at $584.1 million, higher than Wall Street's forecasts of $572.1 million.

"Akamai's strong third quarter revenue and earnings performance was primarily driven by accelerated growth in both our cloud security and web performance solutions," CEO Tom Leighton said in a statement.

For the fourth quarter, Akamai sees adjusted earnings per share in the range of 65 cents to 70 cents on revenue of $593 million to $613 million. Analysts surveyed by FactSet are looking for earnings of 67 cents per share on revenue of $606 million.

Additionally, FBR Capital upgraded the stock to "market perform" from "underperform" following the results.

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More than 7.32 million of the company's shares changed hands so far today, well above its average 30-day volume of 1.91 million shares.

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.

The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, growth in earnings per share and increase in net income.

The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: AKAM

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