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 supply chain optimization specialist Manhattan Associates (Nasdaq: MANH) rallied 10.5% after the company reported better-than-expected first-quarter results.

So what: Manhattan Associates reported a quarterly profit of $0.60 on a 28% rise in sales to $91.5 million. License revenue was the big surprise, as revenue doubled to $15.6 million from $7.8 million in the year-ago period. The results beat Wall Street estimates on both EPS and revenue. Even more impressive, the company boosted its growth forecasts. It now expects revenue to grow by 11%-14% versus its original prediction of 10%-12%, and expects adjusted EPS to jump 10%-12% versus a previous expectation of 8%-10%. These figures are more or less in line with Wall Street estimates.

Now what: After years of stagnant sales, it's encouraging to see Manhattan's margins rising and license revenue soaring. However, I'm still not certain I'd consider the company a great value here at 18 times forward earnings and 19 times cash flow following so many years of tepid growth. Give me a few more quarters of outperformance and I may change my tune.

Craving more input? Start by adding Manhattan Associates to your free and personalized watchlist so you can keep up on the latest news with the company.