) --

OmniVision Technologies


shares spiked 20.72% to $18.70 in premarket trading Friday after the semiconductor company


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..


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) - Get Report

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.


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.


(SPLK) - Get Report

shares fell 3.27% to $43.74 despite the big data company raising its full-year revenue outlook and beating revenue


. 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.

In its first-quarter earnings release, Splunk said it anticipates full-year revenue to be between $266 million and $274 million, up from a prior forecast of $260 million to $270 million. Analysts polled by

Thomson Reuters

are expecting full-year revenue of $270.61 million. Operating margin forecasts for the year were unchanged at roughly break-even.

For the first-quarter ended April 30, Splunk lost 6 cents a share on sales of $57.2 million, up 54% year over year. Analysts polled on Wall Street were looking for a 6-cent loss on $54.03 million in sales.

For the current quarter, Splunk anticipates revenue between $61 million and $63 million, but operating margins of between negative 4% and negative 6%.

Topeka Capital Markets

analyst Brian White believes that Splunk will continue to provide upside, as it disrupts the IT world.

"We believe Splunk will increasingly become a disruptive force in the IT world with a focus on Big Data and we expect this momentum to drive the stock higher in the coming months," White wrote in a note. He rates Splunk "buy" with a $53 price target.


Written by Chris Ciaccia in New York

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