So, you know how sometimes a company has a good quarter? Dell Technologies (DELL) just had a great one. The kind that makes investors do a double-take and sends the stock rocketing higher before the market even opens. That's what happened Friday, as Dell shares surged in premarket trading after the company posted fourth-quarter results that weren't just good—they were better than anyone expected.

Let's talk numbers, because they're the reason for the party. Dell reported earnings of $3.89 per share. Wall Street was sitting around expecting $3.53, so that's a beat of more than 10%. Revenue came in at a hefty $33.38 billion, which not only cleared the analyst estimate of $31.73 billion but also represented a massive jump from the $23.93 billion it reported in the same period a year ago.

But here's the thing about a great quarter: it's nice, but what really gets investors excited is what comes next. And Dell didn't disappoint on that front either. The company announced it's increasing its cash dividend by 20% and throwing an extra $10 billion into its share repurchase authorization. That's a classic one-two punch for returning cash to shareholders.

Then there's the outlook. Companies guide for the next quarter or maybe the next year. Dell decided to look all the way out to fiscal 2027. It guided for adjusted earnings per share of $12.90, while analysts were modeling $11.59. For revenue, it's projecting between $138 billion and $142 billion. The consensus on the Street? Just $125.54 billion. So, yeah, the company is painting a much rosier picture of the future than anyone else was.

From a technical standpoint, the stock's move makes sense. It's currently trading 12.9% above its 20-day simple moving average, which is a sign of serious short-term strength. It's also 1.8% above its 100-day average. Over the past year, the stock is up about 12.6%, and it's trading near the top of its 52-week range, which sits between $66.25 and $168.08.

Looking ahead, the next big date on the calendar is May 28, when Dell is scheduled to report earnings again. The expectations are already set high: analysts are looking for earnings per share of $2.96, up sharply from $1.55 a year ago, and revenue of $31.75 billion, up from $23.38 billion.

Now, not everyone is completely on board the bull train. The stock carries a consensus Buy rating with an average price target of $157.20, but the recent actions from analysts tell a more nuanced story. Morgan Stanley (MS) has an Underweight rating on the stock and just lowered its price target to $101.00 on February 18. Meanwhile, Citigroup maintains a Buy rating, though it lowered its target to $160.00 on February 17 and had previously lowered it to $165.00 in January.

According to market data, Dell shares were up 11.07% at $134.90 during premarket trading on Friday.