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 Ruckus Wireless (NYSE:RKUS) have fallen more than 11% today on the back of an earnings beat paired with disappointing forward guidance.

So what: Ruckus' fourth-quarter revenue result of $62.2 million and earnings per share of $0.07 both bested analyst expectations, which had sought $60.5 million on the top end and $0.05 per share. Ruckus also added another 2,900 customers, a 15% increase over last year's 18,800 total customers. However, guidance -- $62 million to $64 million in revenue and $0.03 to $0.04 in EPS -- merely met expectations, which sought $0.03 in EPS and $62.6 million in revenue. The low-key guidance prompted Needham to downgrade the stock from buy to hold.

Now what: Ruckus' one-year price target is still below its current post-drop price by a few cents. That simply indicates that analysts don't see any real upside to the stock right now. Since Ruckus is still so new to the public markets, it's bound to suffer some occasional turbulence like that felt today, particularly after doubling in just three months. This may be a turning point, but it may not. Ruckus just endured a steep decline, only to pop right back up again. However, at a 25.3 P/E, Ruckus doesn't seem expensive enough to abandon just yet.

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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 insight into markets, history, and technology.

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