NEW YORK ( TheStreet) -- OmniVision Technologies ( OVTI) shares spiked 20.72% to $18.70 in premarket trading Friday after the semiconductor company posted strong earnings and guided well above analysts' estimates. OmniVision earned 31 cents a share on a non-GAAP basis on $336.2 million in revenue. Analysts polled by Thomson Reuters were expecting earnings of 21 cents a share on $318.93 million in sales. For the first quarter of fiscal 2014, the Santa Clara, Calif.-based OmniVision expects earnings between 35 cents and 52 cents a share; it expects sales to be between $355 million and $390 million. Analysts are looking for earnings of 28 cents a share on sales of $347.2 million.. Canaccord analyst Bobby Burleson raised his price target to $22 from $18 on OmniVision following the quarterly earnings report, as he believes there may be additional upside. "We believe conservative commentary regarding H2C13 seasonality will restrain consensus estimates from moving too aggressively higher, while leaving OVTI an opportunity to deliver additional upside if the back half of the calendar year tracks closer to seasonal norms," Burleson wrote in a note. "We continue to believe investor focus on Apple distracts from OVTI's strong product cycle with Chinese OEMs such as Huawei who are bent on taking global share." Palo Alto Networks ( PANW) shares fell 12.2% to $47.75 after the network security provider missed earnings estimates. The company's adjusted earnings were 6 cents a share on revenue of $101.3 million for the fiscal third quarter ended April 30. Analysts were expecting profit of 5 cents a share, but on $103.5 million in revenue. UBS analyst Brent Thill lowered his price target to $55 from $61, but kept his "neutral" rating on the stock, as the company felt the impact from the sequester. "Architectural differentiation and product position in the 2 hottest areas of network security NGFW and APT is yielding growth over 5x the industry rate but could not shield PANW from sequestration impact on Federal demand and weakness in Europe ($3-4M shortfall each)," Thill wrote in his note. Splunk ( SPLK) shares fell 3.27% to $43.74 despite the big data company raising its full-year revenue outlook and beating revenue estimates. The company, however, forecast negative second-quarter operating margins as it continues to invest heavily in data platform, content and Software-as-a-Service offerings.