Shares of retail giant Costco Wholesale Corp. fell sharply after the company’s quotes updated their absolute all-time record. The decline occurred against the backdrop of general market fluctuations and profit-taking by investors following a prolonged multi-day rally that outpaced the S&P 500 index dynamics.

Costco shares were trading around $1,003 during recent sessions, marking a drop of more than 8% in just a few business days after peaking at $1,096.50 last week.

The company’s recent stock price gave the wholesale retailer a market valuation of roughly 52 times earnings (P/E), with the forward P/E ratio settling near 47. These rich multiples sit significantly above the company’s long-term 10-year average of about 37, forcing analysts to talk about the stock being overvalued even after the current pullback.

Costco overcame investor concerns regarding stiff competition with the e-commerce sector represented by Amazon. An impressive 22% jump in the company’s digital comparable sales over the last quarter was backed by strong fundamental indicators: the retailer’s total net sales increased by 9.1% to $68.24 billion, and net income rose by 14%, reaching $2.04 billion.