Palo Alto Networks IPO Jumps in Debut (Update 1)

Updated from 10:01 a.m. EST to provide updated share price and volume in the fifth paragraph.

NEW YORK (TheStreet) -- Palo Alto Networks shares soared in their debut Friday, as investors clamored for a piece of the networking security specialist.

Palo Alto Networks priced its IPO at $42 a share Thursday night. That was above the expected range of $38 to $40 a share, which had been raised earlier in the week as investors sought to get a piece of the fast-growing technology company.

Palo Alto grew annual revenue from $13.4 million in 2009 to $118.6 million in 2011.

The Cisco and Juniper Networks rival and its venture investors sold 6.2 million shares in the offering, according to its filing.

Morgan Stanley , Goldman Sachs and Citigroup were the lead underwriters on the offering.

Palto Alto shares closed the session gaining 27.38% to close at $53.13, as close to 7 million shares traded.

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--Written by Chris Ciaccia in New York

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