Palo Alto Networks Inc. (NYSE: PANW) reported its fiscal second-quarter financial results Monday after the markets closed. Following this report, analysts have begun to weigh in on the cybersecurity provider.

The company reported adjusted diluted earnings per share (EPS) of $0.19 on revenue of $217.7 million. In the same period a year ago, the network security company reported EPS of $0.10 on revenue of $141.07 million. Second-quarter results compare also to the Thomson Reuters consensus estimates for EPS of $0.17 and $204 million in revenue.

Looking ahead to the third fiscal quarter, Palo Alto forecast revenue in a range of $219 million to $223 million, up 45% to 48% compared with the same period a year ago. Diluted, adjusted EPS is pegged at a range of $0.19 to $0.20, based on 87 million to 89 million shares outstanding. Consensus estimates for the third fiscal quarter call for EPS of $0.19 on revenues of $214.17 million. For the full fiscal year, EPS is expected to come in at $0.74 on revenues of $848.66 million.

Merrill Lynch noted that revenue and billings growth accelerated 54% and 51% respectively on a year-over-year basis. Revenue and billings were driven by sales of PA-7050 at the high end and PA-3060 in the mid-tier. Merrill Lynch increased its price objective to $155 from $130, but maintained a Neutral rating on its valuation.

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Credit Suisse believes that the financial results reinforce its thesis that the company is positioned to continue to gain market share, given the many unique advantages of its next-generation firewall platform. Therefore, Credit Suisse increased its price target to $165 from $135, with an Outperform rating.

Oppenheimer commented on Palo Alto in its report:

Handily besting all financial metrics across all product lines and geographies, Palo Alto reported strong fiscal second quarter results. Billings growth continues to be the star of the show growing 51.5% year-over-year to $282.8 million (vs. the Street’s $262.5 million estimate) and showing demand trends remain strong. Multiple factors support our bullish view: 1.) strong growth in appliances (PA-7050 & 3060); 2.) strength in recurring subscription revenue; 3.) better than expected fiscal third quarter guidance; 4.) crystallizing the commitment to exiting the 2016 fiscal year with operating margins in the low 20% area; and 5.) room to gain share in all core markets (Network, STAP & Endpoint). We are raising 2015 fiscal year estimates and reiterate our Outperform rating and $150 price target.

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A few other firms issued calls for Palo Alto as well:

• RBC Capital Markets has an Outperform rating and raised its price target to $165 from $150.
• FBR Capital Markets retained its Outperform rating and boosted its price target to $165 from $160.
• Topeka raised its price target to $155 from $135 with a Buy rating.
• Stifel maintained a Buy rating and raised its price target on shares to $165 from $120.

Shares of Palo Alto were down 1.8% at $143.47 in the first two hours of trading Tuesday. The stock has a consensus analyst price target of $142.00 and a 52-week trading range of $57.47 to $146.40.

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