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 F5 Networks (NASDAQ:FFIV) rose by nearly 10% today after investors were cheered by the company's double earnings beat on top and bottom lines.

So what: F5 reported $370.3 million in revenue, a 5% year-over-year gain that came in well ahead of the $361.5 million consensus. The company's bottom line, which showed $1.12 in earnings per share, bested the $1.08 consensus as well. This growth came from the company's service segment, which grew by 19% year over year even as product revenue fell by 5% for the same period. However, product revenue is still up 50% since 2011, so the company is still generally heading in the right direction.

Now what: F5 isn't nose-bleedingly expensive at a 26 P/E, which has fallen markedly from its late-2010 peak. The company continues to push revenue and earnings higher, and today's report ought to buoy its EPS, which had been hovering in a rather narrow range on a trailing-12-month basis for several quarters. Dig a little deeper, you might find a hidden gem -- or at least a bit of fuel to power some portfolio gains.

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Fool contributor Alex Planes has no position in any stocks mentioned. The Motley Fool recommends F5 Networks. The Motley Fool owns shares of F5 Networks. 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.