Palo Alto Networks' (NASDAQ: PANW) stock price plummeted 28% on Feb. 21 in response to the company's latest earnings report. In the second quarter of fiscal 2024, which ended on Jan. 31, the cybersecurity company's revenue rose 19% year over year to $1.98 billion and exceeded analysts' estimates by $10 million. Its adjusted earnings grew 39% to $1.46 per share and cleared the consensus forecast by $0.16.

Palo Alto's headline numbers seemed healthy, but it followed up its earnings beat with a reduction to its full-year guidance and a jarring shift in its long-term strategy. Let's review the bear and bull cases to see if its fallen shares are worth buying.

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