NEW YORK (TheStreet) -- Shares of Palo Alto Networks (PANW) are surging 4.78% to $93.55 in early market trading this morning after UBS (UBS) raised its price target to $101 from $93 following the network security company's better than expected fourth quarter earnings yesterday.
Analysts at the firm said the company remains among its top picks due to its high growth and profitability.
UBS kept a "buy" rating on shares of Palo Alto Networks.
The company posted adjusted earnings per diluted share of 11 cents, higher than the 7 cents from a year ago. Revenue was up compared to the same quarter of last year to $178.23 million from $112.39 million.
Analysts estimated an adjusted earnings per share of 11 cents on revenue of $161.25 million for the quarter.
Separately, TheStreet Ratings team rates PALO ALTO NETWORKS INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate PALO ALTO NETWORKS INC (PANW) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and feeble growth in the company's earnings per share."