UPDATE: Palo Alto Networks has raised their pricing range from $34-$37 to $38-$40 and is expected to price soon (possibly tonight.)
Palo Alto Networks is another high quality deal in the strong information security space. (Imperva IMPV, ProofPoint PFPT) are two recent IPO examples.)
The basic company positioning is the "reinvention of the firewall" which is a foundational technology in enterprise computing that has been around for over a decade and is dominated by Checkpoint Software CHKP. It's worth noticing that Checkpoint has built a rather large business with a stunning 51% operating margin and 10B market . . .