Palo Alto Networks, Inc. (NASDAQ:PANW) reported its Q1 results, with non-GAAP EPS coming in at $1.64, beating the consensus estimate of $1.57.Quarterly revenue was $1.25 billion, compared to the consensus estimate of $1.20 billion. The company raised its full 2022-year revenue guidance to $5.35-$5.40 billion, representing a growth rate of 26-27%.

While revenue and billings outperformance was broad-based, what stood out was billings growth of 28% compared to the consensus estimate of 21% and +77% NG Security ARR. Also of note, with all the concern around supply chain issues, product revenue grew 25% to $296 million and topped expectations of 11% growth.

Analysts at RBC Capital increased their price target on the company’s shares to $660 from $590, maintaining their Outperform rating.