An analyst at Credit Suisse raised his price target for Palo Alto Networks Inc (NYSE:PANW) after the company reported quarterly earnings that beat consensus estimate.

The shares of Palo Alto Networks Inc (NYSE:PANW) climbed more than 6% to $120.19 per share on Tuesday, November 25.

Palo Alto Networks

Stock rating, price target for Palo Alto Networks

In a recent note to investors, Credit Suisse analysts Philip Winslow increased his price target for the shares of Palo Alto Networks Inc (NYSE:PANW) to $135 from $110 per share. He maintained his Outperform rating for the stock.

According to Winslow, the strong quarterly financial performance of Palo Alto Networks Inc (NYSE:PANW) reinforced their thesis that it is “positioned to continue to gain market shares given the many unique advantages of its next generation firewall platform.”

The analysts added that the company’s financial results highlight its ability to upsell into its installed base and additional services, which remain the core of their positive thesis.

Furthermore, Winslow believed that Palo Alto Networks Inc (NYSE:PANW) is poised to gain market share in the network security space because of its unique technology platform, long-term corporate strategy and the ability of its management to execute its vision.  The company’s gain in the network security market could drive strong and sustained revenue as well as earnings growth.

Palo Alto Networks financial results

Yesterday, Palo Alto Networks Inc (NYSE:PANW) reported non-GAAP net income of $12.8 million or $0.15 in earnings per share and a 50% increase in revenue to $192.3 million for its first quarter fiscal 2015.

The financial results of the network security company were higher than the $0.12 in earnings per shares and $181.7 million in revenue consensus estimate of Wall Street analysts.

Mark Mclaughlin, president and CEO of Palo Alto Networks Inc (NYSE:PANW) said, “In today’s increasingly complex threat environment, enterprise customers recognize that a true, integrated and automated platform delivering prevention capabilities offers superior security with a superior total cost of ownership advantage. Our results demonstrate the differentiation and sustainability of that unique platform, the scalability of our go-to-market model and our ongoing growth potential.”

Palo Alto Networks Inc (NYSE:PANW) is among the best performing stocks in the technology industry. The shares of the company gained more than 165% over the past year. It traded from $45.36 to as much as $120.25 per share.