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 F5 Networks (NASDAQ:FFIV) rose by nearly 10% today after investors were cheered by the company's double earnings beat on top and bottom lines.

So what: F5 reported $370.3 million in revenue, a 5% year-over-year gain that came in well ahead of the $361.5 million consensus. The company's bottom line, which showed $1.12 in earnings per share, bested the $1.08 consensus as well. This growth came from the company's service segment, which grew by 19% year over year even as product revenue fell by 5% for the same period. However, product revenue is still up 50% since 2011, so the company is still generally heading in the right direction.

Now what: F5 isn't nose-bleedingly expensive at a 26 P/E, which has fallen markedly from its late-2010 peak. The company continues to push revenue and earnings higher, and today's report ought to buoy its EPS, which had been hovering in a rather narrow range on a trailing-12-month basis for several quarters. Dig a little deeper, you might find a hidden gem -- or at least a bit of fuel to power some portfolio gains.

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