NEW YORK (TheStreet) -- Shares of FireEye  (FEYE)  were jumping 17.38% to $12.92 on heavy trading volume late-morning Friday as the cyber security company late yesterday reported stronger-than-expected results for the 2016 third quarter. 

William Blair analysts said FireEye delivered a "solid" quarter with the results serving as a positive sign that the company has "reset expectations appropriately" and is moving forward with plans to stabilize costs and improve growth. 

The firm maintained its "market perform" rating on the stock, Barron's reports. 

FireEye is releasing its cloud virtual-machine detection engine in the fourth quarter which should open new opportunities in the midmarket where it typically has not been price competitive, William Blair added. 

Nomura lowered its price target to $17.50 from $22.50, citing Milpitas, CA-based FireEye's subscription revenue results. The firm has a "buy" rating on the stock.

"Subscription revenues is typically a floor valuation for security and enterprise software vendors, and at this level, the company is essentially trading at the standalone value of its recurring maintenance stream," Nomura said in an analyst note. 

Guggenheim reiterated its "neutral" rating on FireEye, saying that while the company is "moving in the right direction," limited visibility into near-term trends and a lack of profitability until 2017 is keeping the firm on the sidelines. 

That said, FireEye seems to be executing well "despite the distraction of its restructuring efforts," Guggenheim added, according to Barron's

More than 8.33 million of the company's shares changed hands so far today vs. its average 30-day volume of 3.97 million shares.

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