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 Pegasystems (Nasdaq: PEGA), a company which handles business-process management , slumped as much as 12% after reporting its first-quarter results.

So what: For the quarter, Pegasystems reported a 9% increase in total sales to $111.2 million while net income actually declined to $0.10 per share from $0.12 in the year prior. Comparatively, Wall Street had been looking for Pegasystems to earn $0.11 on $112.3 million in sales. This marks the second time the company has missed expectations in the past three quarters.

Now what: Not everything was bad news, as Pegasystems reported strong business-process-management gains and noted it had gained some large clientele during the quarter. One final positive: The company also managed to grow its license backlog sequentially. But the concern investors should have is why Pegasystems' profit expectations have been falling for three quarters now. The company hasn't exactly addressed those issues yet and, as such, doesn't appear like it's offering investors a great deal.

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