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 Control4 Corp. (NASDAQ:CTRL) rose more than 37% Tuesday after Google (NASDAQ:GOOGL) announced its $3.2 billion acquisition of smart thermostat-maker Nest Labs.

So what: Similar to Nest Labs' flagship solutions, Control4 makes a variety of home automation products to electronically integrate everything from lighting and home theater to climate control and security. As a result -- and given Google's propensity for purchasing multiple companies in the same industry -- Google's big bet on smart homes has unsurprisingly spurred speculation Control4 could be its next acquisition target.

Now what: While that'd be great for Control4 investors considering the hefty sum Google paid for Nest, I'd prefer not to bet on an acquisition as a sure thing. With shares of Control4 currently trading above 59 times next year's estimated earnings, I think Control4 investors would be wise to take at least some of their chips off the table.

Fool contributor Steve Symington has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Google. 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.