Shares surged by 9.65% to $140.29 before the closing bell, after the company mistakenly released its financial results earlier than anticipated.
The network and enterprise security company reported adjusted earnings of 40 cents per share, above analysts' estimates for earnings of 39 cents per share.
Revenue grew by 54% year-over-year to $334.7 million for the quarter, while analysts surveyed by Thomson Reuters were looking for $318.32 million in revenue.
For the 2016 third quarter, Palo Alto Networks expects earnings to range between 41 and 42 cents per share on revenue between $335 and $339 million. Analysts have forecast for earnings of 45 cents per share on revenue of $334.64 million for the current quarter.
Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D.
Palo Alto Networks's weaknesses include its unimpressive growth in net income and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: PANW
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.