Palo Alto Networks (NASDAQ: PANW) shares traded 6% lower following the company's fiscal third-quarter earnings report, although the drop was relatively calm compared to the nearly 30% drop the stock saw when it reported its fiscal second-quarter results in February.

Let's look at the cybersecurity company's most recent results, whether its new strategy is showing signs of working, and whether it's time to buy the stock.

Palo Alto reported solid fiscal Q3 results, with revenue climbing 15% to $2 billion. Adjusted earnings per share (EPS), meanwhile, rose 20% to $1.32. Both revenue and earnings topped consensus analyst expectations.

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Source Fool.com