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 Blackbaud (Nasdaq: BLKB) soared as much as 23% before closing up nearly 14%. Nonprofits gobbled up the company's software during the second quarter as both revenue and earnings beat estimates.

So what: Blackbaud booked $0.27 in non-GAAP earnings, up 23% year over year, on $93.4 million in revenue. Analysts were expecting $0.25 and $91.6 million, respectively, according to data compiled by Yahoo! Finance.

Now what: In a statement, CEO Marc Chardon credited growth to good execution and a stable market for the company's wares. He's probably right. Blackbaud has nailed EPS targets to the penny in three of the past five quarters and beaten estimates the other two times. Judging by today's action, investors seem to think that's predictability worth paying for. Do you agree? Disagree? Weigh in using the comments box below.

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Fool contributorTim Beyers is a member of theMotley 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'sportfolio holdings andFoolish writings, or connect with him on Google+ or Twitter, where he goes by @milehighfool. You can also get his insightsdelivered directly to your RSS reader.

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