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 business software developer Pegasystems (Nasdaq: PEGA) are doing a decent impression of their namesake today, soaring like a winged horse to overnight gains as lofty as 12.8% amid very heavy trading.

So what: First-quarter results topped analyst expectations, and shares have now nearly doubled since hitting a temporary low in the lower $20s last July. Pick your starting date with care and Pegasystems stands shoulder-to-shoulder with fellow enterprise data handler and market darling TIBCO Software (Nasdaq: TIBX) in terms of satisfying investors lately.

Now what: Pegasystems is betting the boat on cloud computing, very much in the image of larger rival salesforce.com (NYSE: CRM). The company is more hit-and-miss on the bottom line than the competition, largely because of ballooning marketing costs. With an award-winning product line to sell, that's the right way to overspend, and Pegasystems is laying the foundation for an even greater future here.

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

Fool contributor Anders Bylund holds no position in any of the companies discussed here. salesforce.com is a Motley Fool Big Short short-sale choice and a Motley Fool Rule Breakers selection -- talk about a polarizing stock! Try any of our Foolish newsletter services free for 30 days. 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 investors writing for investors.