Shares of Oracle (ORCL  ) soared 8.57% on Thursday after releasing their earnings report after hours n Wednesday. Oracle reported better than expected earnings which sent investors chasing the stock higher almost all day long. The real focus for the fundamental investors out there was the cloud based portion of the earnings. See, Oracle has been labeled a late comer to the cloud business and has had to make some specific acquisitions to get them into the game. Those investments have clearly paid off as of now as their cloud revenue saw growth of 23% or $208 million compared to last year. Their software as a service also blew away expectations, up 61% or $3.2 billion.

As far as overall earnings, the company announced earnings of 89 cents per share. Revenue overall was up 3.3% which also beat Wall Street's expectations. The cloud was the clear winner though and investors can finally see the risk is paying off. Overall, cloud based revenues were up 58% to 1.36 billion.

So what does this mean going forward? Well, over 10 analysts upgraded the stock today following the earnings release. One analyst upped their price target to $56 which implies another 11% upside from Thursday's close. As far as comments from the company, they have commented that they expect between 59 and 61 cents per share for the next earnings announcement scheduled for September 20th.

Technically speaking today's move would be categorized as a massive breakout. Since March Oracle has been in stuck in a range between $44 and $47. Thursday's breakout sent the stock into a new price range but due to the sharpness of the move, many will anticipate a "cooling off" period before trying to identify the next support and resistance zones.

For the long term investor, today's move puts Oracle over highs not seen since 2000. Add to that, the move today breaks Oracle out of a pattern that breaks resistance areas from March of this year as well as December 2015.