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: After an early slide that shaved nearly 10% off its value, Tangoe (NASDAQ:TNGO) has regained some ground and now sits at a 6% loss. The company's shares fell following mixed guidance, but on balance it seems to not have been worth the morning drop.

So what: For the completed fourth quarter, Tangoe reported $44 million in revenue and adjusted earnings of $0.17 per share. This was a double beat, as Wall Street sought $42.5 million on the top line and $0.16 in EPS. However, Tangoe's guidance for both the first quarter and the full year appears a bit underwhelming. For the in-progress quarter, Tangoe expects between $43.8 million and $44.3 million in revenue and $0.14 in EPS against the consensus of $44.3 million in revenue and $0.14 in EPS. For the full year, Tangoe's guidance is slightly better, as the company expects $188.5 million to $191.5 million in revenue and between $0.67 and $0.70 in EPS, which compares to Wall Street's consensus of $191 million in revenue and $0.64 in EPS.

Now what: Full-year guidance represents, at the high end, a 40% increase from 2012's adjusted EPS of $0.50, which isn't too shabby, and would provide an adjusted P/E around 22, based on the company's current share price. Tangoe's trailing-12-month free cash flow has also been on a strong upwards trajectory before this report, which indicates a healthier company than its GAAP losses might suggest. The market doesn't seem to know how to handle Tangoe's guidance, which might be a buying opportunity. It could be worth the effort to dig deeper into this company's key data points.

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