What does a high PE mean?

Excuse me, I'm trying to understand something about financial metrics. Could you explain to me what a high price-to-earnings ratio, or PE ratio, typically indicates? I've heard it mentioned in several investment discussions but I'm still not quite clear on its implications. Is a high PE ratio a sign of overvaluation or does it suggest something else? Also, how does one typically interpret a PE ratio in the context of stock analysis? Your insights would be greatly appreciated.