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What: Shares of video technology specialist Harmonic (Nasdaq: HLIT) rose more than 14% on heavy volume after reporting better-than-expected fourth-quarter revenue and profit.

So what: Harmonic earned $0.11 in adjusted profit on $138.2 million in Q4 revenue. Analysts were expecting $0.09 and $130.1 million, respectively, according to Yahoo! Finance.

Now what: Is anyone really surprised by this result? Harmonic's video encoding technology is increasingly important in the Netflix age of high-definition, on-demand video. The company's customer list reads like a Who's Who of cable network providers, including Cablevision and Comcast.

Despite this, analysts still only call for 15% profit growth over the next several years. With Web and on-demand video consumption growing by the day, I suspect we'll look back in a few years and laugh at how much Wall Street lowballed Harmonic's profit potential.

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

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Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He didn't own shares in any of the companies mentioned in this article at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Twitter as @milehighfool. You can also get his insights delivered directly to your RSS reader. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool is also on Twitter as @TheMotleyFool. Its disclosure policy is at least 10% better than other disclosure policies.