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 communications networking technologist Ubiquiti Networks (NYSE:UI) soared 23% today after its quarterly results and outlook topped Wall Street expectations.

So what: The stock has soared over the past year on a string of better-than-expected quarters, and today's fourth-quarter results -- adjusted EPS of $0.33 topped estimates by $0.06 -- coupled with upbeat guidance only reinforce that operating momentum. In fact, the 22% revenue jump over the third quarter marks the third consecutive quarter of sequential double-digit top-line growth, suggesting that Ubiquiti is making some pretty rapid market share headway.

Now what: Management now sees first-quarter adjusted EPS of $0.38 to $0.41 on revenue of $116 million to $122 million, well ahead of Wall Street's estimate of just $0.27 and $95.6 million. "Now we are turning our full focus to growth," said founder and CEO Robert Pera. "Our business model, innovative technology and user community are continuing to disrupt incumbents in the networking market." Of course, with the stock now up a whopping 250% over its 52-week lows and trading at a P/E of 30, much of those prospects might already be baked into the price.