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 LogMeIn, (NASDAQ:LOGM) rose more than 21% Friday after the cloud-based collaboration specialist turned in better-than-expected fourth-quarter results and forward guidance.

So what: Quarterly revenue rose 22% year over year, to $45.2 million, which translated to adjusted net income of $0.16 per diluted share. Analysts were only expecting earnings of $0.15 per share on sales of $43.99 million.

In addition, LogMeIn expects current-quarter revenue in the range of $46.8 million to $47.3 million, which should result in adjusted net income per share of $0.20 to $0.21. By contrast, Wall Street was modeling first-quarter earnings of $0.17 per share on sales of $44.27 million.

Finally, LogMeIn projects full year 2014 sales of $198 million to $202 million, and adjusted net income per share of $0.86 to $0.96. Once again, both ranges stand well above expectations for 2014 earnings of $0.77 per share on sales of $190.31 million.

Now what: Though LogMeIn isn't profitable based on generally accepted accounting standards on a trailing 12-month basis, investors are also happy knowing the company expects to swing to a 2014 GAAP profit in the range of $0.07 to $0.16 per share.

As it stands, the stock doesn't look particularly cheap trading above 40 times this year's expected earnings, but it will prove to be a well-deserved premium if LogMeIn can maintain its momentum over the long-term. At the very least, I think investors would do well to add LogMeIn to their watchlists to keep tabs on its progress.

Steve Symington has no position in any stocks mentioned. 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.