On June 3, Palo Alto Networks fell 3.17% in pre-market trading, trading at $286.22/share, with trading volume of $4.41 million. The stock initially surged over 11% following the release of strong fiscal Q3 results but subsequently gave back all gains.

The company reported fiscal Q3 revenue of $3.002 billion, up 31% year-over-year, beating the consensus estimate of $2.944 billion. Adjusted EPS came in at $0.85, exceeding the $0.79-$0.80 analyst expectation. The company also raised full-year adjusted EPS guidance to $3.77-$3.79, above the FactSet estimate of $3.68, and projected Q4 revenue of $3.35-$3.36 billion versus the $3.27 billion consensus.

Despite the strong beat-and-raise quarter, the stock had already surged approximately 57% over the prior month and reached all-time highs, with multiple investment banks having raised price targets in recent weeks. The bullish catalysts had been largely priced in, and classic sell-the-news profit-taking pressure overwhelmed the positive earnings surprise in pre-market trading.

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