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 software maker OPNET Technologies (Nasdaq: OPNT) jumped 14% after the company reported earnings that blew past expectations.

So what: Adjusted earnings per share of $0.23 easily beat analyst estimates of $0.16 and the company expects fourth-quarter adjusted earnings per share of $0.16 to $0.19. Revenue rose 18% to $39.7 million as demand for its network management software picked up.

Now what: OPNET is still trading at a heady forward price/earnings multiple of 34.9, but these better results make the price a little easier to swallow. I'm a little worried about slowing revenue growth affecting the company forecast, so I'm not overly bullish on today's move. I'll stick to the sidelines today looking for a little better value in the software sector.

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

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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