Palo Alto Networks (NASDAQ: PANW) stock is seeing strong gains on the heels of its fourth-quarter earnings release for its last fiscal year, which ended July 31. The company's share price was up 16% as of 12:45 p.m. ET, according to data from S&P Global Market Intelligence.

Palo Alto published its Q4 results after the market closed last Friday, reporting earnings for the period that beat Wall Street's targets. While the company's revenue of $1.95 billion fell short of the average analyst target by $10 million, its non-GAAP (adjusted) earnings per share of $1.44 came in significantly ahead of the average analyst estimate's call for per-share earnings of $1.29.

Palo Alto's slight sales miss in Q4 hardly looks concerning given that it posted a strong earnings beat in the period. Even with sales falling a bit short of expectations, revenue was still up roughly 26% year over year in the quarter -- and sales for the full fiscal year were up 25% annually at $6.9 billion.

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Source Fool.com