F5 Inc (FFIV) shares are soaring 9.24% in pre-market trading on Thursday, following the company's impressive second-quarter earnings report and a wave of analyst price target upgrades. The network technology company's strong performance, particularly in software demand tied to artificial intelligence (AI) adoption, has sparked renewed investor confidence.

F5 reported higher earnings in its latest quarter, primarily driven by a significant jump in software demand related to AI adoption. This positive outcome has led several prominent Wall Street analysts to revise their outlook on the stock. Needham raised its target price to $345 from $320, while JP Morgan increased its target to $320 from $305. Other notable upgrades came from RBC Capital Markets, which lifted its target to $326 from $314, and Barclays, which raised its price target to $321 from $274.

The strong financial results and the subsequent analyst upgrades underscore F5's growing prominence in the AI-driven tech landscape. As companies increasingly invest in AI technologies, F5's software solutions appear well-positioned to capitalize on this trend. The pre-market surge reflects investors' positive response to these developments, highlighting the market's optimism about F5's future prospects in the rapidly evolving AI sector.