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 services company Sapient (Nasdaq: SAPE) fell as much as 11% after the company announced third-quarter results.

So what: As far as I can tell, there wasn't much to be upset about in Sapient's numbers. Total revenue was up 33% from last year and GAAP net income soared 141%. Both sales and earnings per share (GAAP and non-GAAP) were above analysts' estimates. The company also forecast fourth-quarter revenue above what Wall Street had in its books and projected better margins. Watching Sapient's shares fall after all that is a bit disorienting -- sort of like watching a mouse chase a cat.

Now what: Sapient, which competes with the likes of Accenture (NYSE: ACN), has seen its shares climb 45% since the beginning of the year. Investors may be concerned that shares have run too far -- even after today's drop, the stock currently fetches a price-to-earnings ratio of 24 on expected 2011 earnings per share. From a business perspective, the third quarter looked pretty good for Sapient and it sounds like the fourth quarter will be even better. From a stock perspective, though, some investors are obviously reconsidering what Sapient's shares are worth.

Interested in more info on Sapient? Add it to your watchlist by clicking here.

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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his Motley Fool CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy assures you no Wookiees were harmed in the making of this article.