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 transaction management specialist Synchronoss Technologies (Nasdaq: SNCR) jumped as much as 12% in intraday trading after the company announced fourth-quarter earnings.

So what: Non-GAAP earnings per share for the quarter topped analysts' estimates, as did revenue. What more could investors ask for? Perhaps less customer concentration, as Synchronoss's largest customer, AT&T, accounted for 53% of fourth-quarter revenue. But the company also seems to be making progress in that area as the percentage of sales that comes from AT&T continues to decline. In particular, the company sees its relationship with Verizon expanding and potentially doubling to 10% of total revenue in 2011.

Now what: After posting full-year 2010 non-GAAP earnings per share growth of 23%, analysts expect a 19% bump in 2011 -- that is, assuming they don't raise their 2011 outlook after the strong fourth-quarter results. However, with Synchronoss's stock changing hands at 42 times the current 2011 outlook right now, shares are looking a bit pricey to this Fool.

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