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 Virtusa (NASDAQ:VRTU) are resting comfortably on a 6% gain this afternoon, after rising nearly 10% in morning trading behind a solid earnings report.

So what: Virtusa reported $86.5 million in third-quarter revenue with $0.29 in adjusted earnings per share. Both numbers squeaked ahead of analyst expectations, which sought $85.6 million on the top line and $0.28 in EPS. For the upcoming quarter, Virtusa expects $88.8 million to $90.8 million on the top line and $0.30 to $0.32 in EPS. Both numbers are roughly in line with what analysts sought, though the high end of Virtusa's revenue guidance exceeds the $88.8 million consensus. For the full fiscal year, Virtusa's EPS guidance of $1.05 to $1.07 hits the consensus on the top end and exceeds the consensus $331.0 million with an estimated range of $332 million to $334 million

Now what: Virtusa's been moving higher for years now, and so has its EPS. However, this latest pop puts the stock near its 52-week high, and its P/E has been trending higher for months. Investors may want to consider whether the company's expected growth rate will keep it moving in the right direction, or if a short-term pullback is in store for better values.

Want more news and updates? Add Virtusa to your watchlist now.

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 no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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.