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: Interactive Intelligence Group (Nasdaq: ININ) popped 12% in intraday trading today after modestly beating earnings expectations and making bullish statements about moving up-market with more sales to larger customers, rapidly increasing cloud-based revenues, expanding internationally, and increased interest in its process automation capability.

So what: Non-GAAP EPS of $0.32 beat the $0.31 consensus estimate and increased 19% year-over-year. GAAP EPS was $0.19, up 46% year-over-year, while revenue of $52 million rose 34%.

Now what: Operating income increased less that 18% year-over-year, little more than half the pace of revenue growth. Gross margins held steady, but operating margins fell from 12% to 10.6%. The pace of operating income growth makes the stock look pricey at a GAAP P/E ratio of about 43 times and non-GAAP P/E ratio of 23 times.

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Fool contributor Cindy Johnson does not own shares of any company named above. 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 has a disclosure policy.