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 network management software maker OPNET Technologies (Nasdaq: OPNT) are currently down 15% after the company's third-quarter earnings missed the mark.

So what: OPNET was doling out disappointments by the bushel last night with profits for the third quarter coming in at $0.26 on revenue of $46 million. This compares to the Street's consensus estimate of $0.29 and $46.4 million. Just for safe-keeping, OPNET's fourth-quarter guidance also seemed light -- EPS is expected to be in the range of $0.20-$0.32 versus the current estimate for $0.30, with sales of $45 million-$49 million versus Wall Street's $48.1 million.

Now what: OPNET really doesn't have much excuse for the weak results. Peers CA Technologies and NetScout Systems both surpassed Wall Street's estimates in their recently reported quarters and they've been dealing with the same economic conditions as OPNET. Even after today's drop, OPNET is still too pricey at 25 times forward earnings and more than six times book value. I'd gladly pass here in favor of its peers.

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