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 MicroStrategy (NASDAQ:MSTR) got crushed today by as much as 11% after the company announced  it's reorganizing management.

So what: The board is implementing changes based on the recommendation of CEO and Chairman Michael Saylor. Two executives, Sanju Bansal and Donald Hunt, are no longer considered executive officers, with Bansal no longer serving as COO. Saylor will also no longer serve as president but will remain CEO and chairman.

Now what: MicroStrategy has appointed a new chief legal officer, president, CFO, COO, and CTO in a broad reorganization. In response to the changes, BMO Capital Markets has dropped  its rating on the stock from "outperform" to "market perform" while reducing its price target from $150 to $130. Analyst Karl Keirstead said removing Bansal from the COO position is a "big deal ," and the news stokes fears that poor results may have necessitated a shakeup.

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Evan Niu, CFA, and The Motley Fool have no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.