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 storage technologist Compellent Technologies (NYSE: CML) are soaring 11.7% above last night's closing price.

So what: A one-two punch of renewed buyout chatter and a solid analyst upgrade are powering today's rise, which is not the second significant pop in the last two weeks but the third. Compellent stands to make a mint on corporate spending on cloud technologies, according to Pacific Crest analyst Brent Bracelin, and rumor has it that Compellent recently canceled an analyst conference because it's about to get bought out.

Now what: Those are compelling arguments for investing in Compellent, though one has to wonder if the stock isn't pricing itself out of both takeover talks and strong investor returns these days. Compellent's shares have gained 68% in just three months, and are trading at a very rich 85 times forward earnings. Still, hungry giants EMC (NYSE: EMC) and Hewlett-Packard (NYSE: HPQ) have paid comparable premiums for other small-cap storage companies in recent history, so nothing is impossible.

Interested in more info on Compellent Technologies? Add it to your watchlist.