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 Internet services company j2 Global (NASDAQ:JCOM) fell 9.4% on Wednesday on the back of yesterday afternoon's announcement of third-quarter results, which missed analysts' forecast for earnings per share by 10% ($0.64 vs. $0.71).

So what: Although the company missed on third-quarter earnings and revenue (by just 2%, on the latter), j2 Global's earnings report was hardly a disaster: Revenues rose 37% year on year, for example, and management reaffirmed its guidance for 2013 revenues of between $510 million and $535 million and adjusted earnings per share estimate of between $2.78 and $2.98.

In another sign of confidence, the company also announced its ninth consecutive increase in the quarterly dividend, to $0.255 per share, which represents a 13.3% increase over the dividend paid in the fourth quarter of 2012.

Now what: Today's correction looks like an overreaction. As of Tuesday's market close (i.e., before the correction), j2 Global's stock was valued at 18.5 times the estimate of the next 12 months' earnings per share. That's not a huge premium to the broad market for a company that has a superb track record of profitability and growth -- the current price looks like a buying opportunity for investors with some tolerance for volatility.

Fool contributor Alex Dumortier, CFA, has no position in any stocks mentioned; you can follow him on Twitter @longrunreturns. The Motley Fool recommends and owns shares of Apple. 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.