Twitter has finally cleaned up its act, and it is now a “legitimate” platform for companies to place advertisements, CNBC’s Jim Cramer said Thursday.

“They got disciplined. We’ve been waiting and waiting and waiting,” Cramer said on “Squawk on the Street” after Twitter reported revenue that beat Wall Street’s expectations.

“It was a takeover story for a while,” Cramer added. “And now it could be … this is a story about a site that is getting the Bank of Americas. That kind of advertising. It’s getting banks. It’s getting consumer product goods.”

Shares of Twitter were 13 percent higher Thursday after its quarterly results. Ad revenue declined 8 percent year over year, but data licensing and other revenue increased 22 percent over the same period, the company said.

Cramer said he believes the social media company could now be getting a “fair share” of ads, while before people felt the company was “too scatological.”

The stock will “get to $20” and it will become “part of the mix,” the host of CNBC’s “Mad Money” said. “It’s not going to be FAANG.”

Cramer said he is “sanguine” about Twitter, and said he was pleased with the company’s live events because it is starting to bring in “real advertisers.”

“Some very big names were leaving it,” he said. “And there were very big names who were leaving it because frankly, it was too painful. I think they’ve reduced the pain.”

“They’ve cut back on all the junk,” Cramer said. “Expenses are good. And, by the way, they’re doing a total disclosure on political ads, which I really like.” Twitter announced earlier this week it would be more transparent about its ads.