Palo Alto Networks (NYSE: PANW) posted their fiscal second quarter 2015 report on March 2^nd. The cyber security company's report topped estimates following large-scale breaches at Sony and Target that garnered media attention.

The cyber security company now has over 22,000 customers, or 6%-7% of the market share as stated by CEO Mark McLaughin on CNBC. Palo Alto Networks enjoyed a successful quarter in which they introduced new hardware and launched a global user group intended to share best security practices across a variety of industries.

In the fiscal second quarter of 2015, the cyber security company posted total revenue of $217.7 billion, beating estimates of $204 million and representing a 54% year-over-year increase from $141.1 million. The GAAP net loss per share was ($0.53) for the quarter on a diluted basis, narrowing the gap from a loss of ($0.55) from the same quarter of last year.

Looking forward, Palo Alto Networks expects to post its fiscal third quarter 2015 total revenue between $219 million and $223 million; a year-over-year increase between 45% and 48% and above the average analyst estimate of $214 million. The company also expects to post diluted non-GAAP earnings per share between $0.19 and $0.20, in-line with the average analyst estimate.

CEO Mark McLaughlin noted, “Given the increasing rate and severity of today's highly sophisticated cyber-attacks, enterprises worldwide are turning to us to help them solve their most complex security challenges.” Additionally, CFO Steffan Tomlinson noted that about 47% of quarterly revenue came from recurring customers, allowing the company to ramp up “economies of scale [and] continue to drive leverage in the business.”

Analysts were bullish following Palo Alto's report. According to SmarterAnalyst, Shaul Eyal of Oppenheimer reiterated an Outperform rating on PANW with a $150 price target on March 3^rd. Eyal noted that the company's quarterly report easily beat “all financial metrics across all product lines and geographies” and pointed out impressive billings growth. Eyal is bullish on the stock for many reasons, including the company's “strong growth in appliances; strength in recurring subscription revenue; better than expected F3Q guidance; [PANW's commitment to] exiting FY16 with operating margins in the low 20% area; [and] room to gain share in all core markets.”