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What: Shares of Tangoe (NASDAQ:TNGO) finished up more than 12% after an early gain of over 10% today, following a third-quarter earnings report that beat the Street's EPS expectations.

So what: Tangoe's third-quarter adjusted EPS, at $0.13, was a good deal better than the $0.09 analysts had expected. Going forward, the company's full-year EPS guidance also beats the Street's expectations, with a narrow $0.48 to $0.49 range easily clearing the $0.46 EPS bar set by analysts for 2012. Tangoe also released full-year revenue guidance today for 2013, and the $188 million to $191 million range hit the sweet spot of the consensus $189.3 million analysts had projected.

Now what: Although Tangoe is unprofitable on a GAAP basis, its free cash flow has been on the rise for some time. However, earlier trailing 12-month FCF results put Tangoe's P/FCF at a rather high 40.8. Tangoe is clearly improving its business, and its stock remains well below heights reached this summer. Does that make Tangoe a bargain now that forward momentum appears to be picking up? It's quite possible, but I'd like to see more specificity on 2013's bottom-line guidance before jumping in.

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Fool contributor Alex Planes holds no financial position in any company mentioned here. Add him on Google+ or follow him on Twitter, @TMFBiggles, for more news and insights. The Motley Fool has a disclosure policy. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.