Even though it just recently went public, VistaPrint (NASDAQ:VPRT) is already making shareholders happy. The specialty-printing company saw the value of its stock surge by 7.69% in its third quarter. But that doesn't mean all is well -- some changes and challenges lie ahead that may well test the company's staying power.

On news of its latest quarterly report, the stock moved up 10.37%. Revenues for the quarter exploded by 72% to $36.4 million, and net income was $5.5 million, up from just $104,000 in the same period a year ago.

VistaPrint is on the cutting edge in that customers can easily use the company's sophisticated Web site to design their own letterhead, business cards, and brochures. Its system is mostly automated, and it can deliver high-quality print products for orders of as little as $30. Though that seems small, the market for such products is immense -- after all, there are 38 million small businesses in the U.S. for which this service could well be a good fit.

What's more, having recently moved its production in-house has allowed VistaPrint to make its system more efficient and deliver products more quickly and with higher quality. This move was key in it posting operating margins for the quarter of 15.5%.

But what about those potential problems? First, the CFO of the company announced plans to leave effective June 30, or perhaps sometime a bit later. To the extent that the growth outlook is as strong as the company purports, I find it a bit troubling that the CFO intends to leave at this point -- especially given the proximity to the company's IPO.

Another troublesome issue is VistaPrint's valuation. With a P/E of 63, the company simply cannot afford to disappoint Wall Street.

Keep in mind, too, that a key to the growth in the fourth quarter (the most current one) was the company's line of Christmas products. Now VistaPrint will need to find ways to replace that growth.

If it can't, it may have a hard time keeping Wall Street happy.

Fool contributor Tom Taulli does not own shares of companies mentioned in this article.