The Santa Clara, Calif.-based company's stronger-than-expected first-quarter earnings results have been the primary catalyst driving the shares higher.
For the quarter, Palo Alto Networks reported that revenue rose 25% to $431.8 million, while billings gained 12% to $544.1 million. Adjusted earnings of $0.61 a share surged 33%, beating forecasts for $0.55 a share.
Sales of its subscription-based software and services offerings continue to be Palo Alto's biggest growth driver.
Making the cybersecurity firm's quarter that much more intriguing, however, was May 12's global ransomware attack, "WannaCry."
"I think the WannaCry thing raised a lot of awareness and anxiety," Palo Alto Networks CEO Mark D. McLaughlin said.
"The other thing I think it highlighted for us, as well as opportunity, is the increasing need for platforms," he continued. "I think WannaCry was looked at primarily as, I think, an endpoint problem, but it's broader than that. Once it gets into an organization, it moves around. It has the ability to spread. So platforms like ours are uniquely able to handle that stuff."
For more on its first quarter and what its chart is telling investors, check out TheStreet's coverage of Palo Alto Networks: