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 cloud-based software company LogMeIn Inc (NASDAQ:LOGM) surged 20% today after its quarterly results and outlook topped Wall Street expectations.

So what: The stock had pulled back sharply in recent weeks on worries about slowing growth, but today's Q1 results -- adjusted EPS spiked 83% on a revenue jump of 31% -- coupled with upbeat guidance are quickly easing those concerns. In fact, LogMeIn's adjusted operating margin during the quarter increased 200 basis points, to 20%, suggesting that its cost structure and competitive position are improving, as well.

Now what: Management now sees full-year EPS of $0.10-$0.17 on revenue of $209.0 million-$212.0 million, up from its prior view of $0.07-$0.16 and revenue of $198.0 million-$202.0 million, respectively. According to CEO Michael Simon.

We made significant progress on our three key growth drivers --, SMB IT, and our IoT efforts around Xively. In addition, a decision to transition our remote access service to a premium-only offering helped deliver results in both new subscribers and new sales that exceeded our expectations. As a result, we are now forecasting 26 to 27 percent revenue growth in 2014.

Of course, with the stock now up about 120% from its 52-week lows, and trading at a 40-plus forward P/E, much of that potential might already be baked into the price.

Brian Pacampara 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.