Salesforce Inc's stock experienced a remarkable surge of approximately 10% on Thursday, reaching its highest level in almost two years. The surge came after the U.S. cloud and business software company reported stellar third quarter results, demonstrating robust demand for its services.

After the closing bell on Wednesday, Salesforce announced revenue of $8.72 billion and an adjusted profit of $2.11 per share, exceeding Wall Street expectations. This impressive performance was further reinforced by the company's fourth quarter revenue forecast, ranging from $9.18 billion to $9.23 billion, along with an adjusted profit projection of $2.25 to $2.26 per share, surpassing analyst estimates.

As a result, Salesforce's shares soared by 9.6%, peaking at $252.50. This remarkable increase marked the stock's highest level since January 2022 and represented the most substantial daily percentage gain since March of this year.

Furthermore, the surge in stock value contributed approximately $16 billion to Salesforce's market capitalization. This latest development has propelled the stock's year-to-date gains to approximately 87%, positioning it for its best annual performance since 2009.

Following the release of the impressive results, a number of analysts, including those from Morgan Stanley, Evercore, Wells Fargo, and Deutsche Bank, have raised their price targets for Salesforce's shares.

According to data from LSEG, the current median price target of the 48 analysts covering Salesforce has increased to $275, up from $257.50 a month earlier. Moreover, the unanimous recommendation from these analysts is to "buy" Salesforce shares.

The positive response from investors and analysts alike highlights the strong momentum behind Salesforce's business model and the growing demand for its cloud and business software services. With its robust financial performance and optimistic forecasts, Salesforce continues to solidify its position as a leader in the technology sector.