Palo Alto Networks Inc (NASDAQ:PANW) shares are trading lower Tuesday on the heels of the company's fiscal third-quarter financial results. Here's what you need to know.

What Happened: Palo Alto reported fiscal third-quarter revenue of $1.985 billion, which beat analyst estimates of $1.967 billion, according to Benzinga Pro. The cybersecurity company's top-line results were up 15% on a year-over-year basis.

Palo Alto reported adjusted earnings of $1.32 per share, which beat analyst estimates of $1.25 per share.

"We are pleased with the enthusiastic response to platformization from our customers in Q3. Platformization is a long-term strategy that addresses the increasing sophistication and volume of threats, and the need for AI-infused security outcomes," said Nikesh Arora, chairman and CEO of Palo Alto Networks.

Outlook: Palo Alto sees fourth-quarter revenue in the range of $2.15 billion to $2.17 billion versus estimates of $2.16 billion. The company expects fourth-quarter adjusted earnings to be between $1.40 and $1.42 per share versus estimates of $1.41 per share.

Palo Alto expects full-year revenue between $7.99 billion and $8.01 billion versus estimates of $7.98 billion. The company sees full-year adjusted earnings in the range of $5.56 to $5.58 per share versus estimates of $5.51.

Analyst Changes: Multiple analysts weighed in on the stock following the print.

• Bernstein analyst Peter Weed maintained Palo Alto with an Outperform and raised the price target from $335 to $364.

• Needham analyst Alex Henderson reiterated Palo Alto with a Buy and maintained a price target of $345.

• BMO Capital analyst Keith Bachman maintained Palo Alto with an Outperform and raised the price target from $327 to $334.

• Susquehanna analyst Shyam Patil maintained Palo Alto with a Positive and raised the price target from $325 to $340.

PANW Price Action: Palo Alto shares were down 6.64% at $302.27 at the time of publication Thursday morning, according to Benzinga Pro.

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