Dell CEO Michael Dell.

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Dell is having its best day since founder Michael Dell took the company public in 2018.

Shares of the PC and server maker jumped 30% on Friday to $121.88 after the company posted fiscal fourth-quarter results that beat estimates. That topped the stock’s 21% rise since Sept. 1, which followed a better-than-expected earnings report.

For the most recent quarter, Dell reported revenue of $22.32 billion, down 11% from the prior quarter, but eclipsing analysts’ expectations of $22.16 billion, according to LSEG, formerly Refinitiv. Adjusted earnings per share of $2.20 beat analysts’ estimate of $1.73. Dell’s net income of $1.16 billion marked an 89% increase over the previous fourth quarter.

The company, showing strong demand for its AI servers, also said it was increasing its annual dividend by 20% to $1.78 per share and expected revenue of between $21 billion and $22 billion for the first quarter.

Dell returned to the public markets in 2018 after going private in 2013. It had a market capitalization of about $16 billion when it first went public more than five years ago. It is now worth nearly $86 billion.

Analysts at Morgan Stanley restored Dell as a top pick on Friday and raised their price target to $128 from $100, writing in an investor note that “the company’s AI server commentary stole the show.”

“The strength of AI server orders, backlog, pipeline and expanding CSP/enterprise customer base indicate that DELL’s AI story is early stage and gaining momentum,” they wrote.

Wells Fargo, citing the strength of Dell’s AI and dividend hike, raised its price target to $140 and maintained an overweight rating, while Citi increased its price target to $125 and reiterated a buy rating.

— CNBC’s Michael Bloom and Ashley Capuot contributed to this report.

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