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 Aspen Technology (Nasdaq: AZPN) have jumped today by as much as 20% after the company reported earnings that topped expectations.

So what: Revenue in the third quarter came out to $61.3 million, and the company squeezed out adjusted earnings per share of $0.01, topping the $0.05-per-share loss that everyone was expecting. CEO Mark Fusco said customers continue to snap up subscription-based offerings and that Aspen is seeing strong demand across all products.

Now what: Aspen saw record quarterly free cash flow of $54 million, and it has generated $81 million in free cash flow in the first nine months of its fiscal year, which is already higher than its previous full-year guidance. Canaccord Genuity is reiterating its "buy" rating and boosting its price target to $25, saying Aspen could get relabeled as a software-as-a-service and cloud company, boosting investor confidence.

Interested in more info on Aspen Technology? Add it to your watchlist by clicking here.

Fool contributor Evan Niu holds no position in any company mentioned. Click here to see his holdings and a short bio. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.