Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Pegasystems (Nasdaq: PEGA) soared more than 25% in early trading and remains up more than 18% as of this writing. Second-quarter results beat expectations.

So what: Non-GAAP revenue increased 22% to $104.7 million while adjusted profits zoomed 60% to $0.16 a share from $0.10 in last year's Q2. Analysts were expecting $101.6 million and $0.14 a share, respectively.

Now what: With the rally, Pegasystems now trades for a heady 33 times forward earnings -- noticeably above Wall Street's estimate of 23.5% annualized profit growth over the next five years. Is that a fair premium? You tell me. Weigh in using the comments box below.

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