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Palo Alto Networks IPO Jumps in Debut (Update 1)

Updated from 10:01 a.m. EST to provide updated share price and volume in the fifth paragraph.

NEW YORK ( TheStreet) -- Palo Alto Networks (PANW - Get Report) shares soared in their debut Friday, as investors clamored for a piece of the networking security specialist.

Palo Alto Networks priced its IPO at $42 a share Thursday night. That was above the expected range of $38 to $40 a share, which had been raised earlier in the week as investors sought to get a piece of the fast-growing technology company.

Palo Alto grew annual revenue from $13.4 million in 2009 to $118.6 million in 2011.

The Cisco (CSCO - Get Report) and Juniper Networks (JNPR - Get Report) rival and its venture investors sold 6.2 million shares in the offering, according to its filing.

Morgan Stanley (MS), Goldman Sachs (GS) and Citigroup (C) were the lead underwriters on the offering.

Palto Alto shares closed the session gaining 27.38% to close at $53.13, as close to 7 million shares traded.

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-- Written by Chris Ciaccia in New York

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