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 data-management expert CommVault (Nasdaq: CVLT) were computing gains today, as shares rose as much 15% in intraday trading after the company announced fiscal first-quarter earnings.

So what: CommVault CEO Robert Hammer said it was a "solid first quarter" to kick off the company's 2013 fiscal year, and it's hard to argue with him. Total revenue for the quarter was up 22% from last year, driven by 24% growth in software sales. On the bottom line, the company earned $0.30 per share on a non-GAAP basis, which was up 43% from a year ago.

And while the quarterly tallies and growth rates look good on their own, they also topped Wall Street estimates on both the top and bottom line. Analysts were expecting just $0.23 in non-GAAP earnings per share on $109 million in revenue.

Now what: CommVault certainly seems to have some momentum going, and that gives investors a lot to cheer this quarter. However, the valuation that investors have awarded CommVault's shares means that the growth will need to stay hot for an investment to pay off at this price. Current investors should be prepared for the possibility that shares will take a hit on any hints that growth is hitting snags.

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