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 Infoblox (NYSE:BLOX) spiked 15% higher Friday after the automated network-control specialist released its fiscal fourth-quarter results.

So what: Quarterly net revenue rose 40% year over year to $63.1 million, which translated to GAAP net income of $1.5 million, or $0.03 per diluted share, compared to a net loss of $0.10 per diluted share this time last year. On an adjusted basis, however, Infoblox turned in earnings of $0.14 per share. For reference, analysts on average were expecting adjusted earnings of just $0.09 per share on sales of $59.26 million.

In addition, the company provided in-line fiscal first quarter guidance for non-GAAP earnings per share of $0.08 to $0.09, and better-than-expected net revenue of $62.5 million to $63.5 million.

Now what: Those results were enough to spur at least one positive note from analysts at UBS, who reiterated their buy rating on the stock, and raised their price target to $42 per share, from $35.

Though shares currently look pricey trading at more than 52 times next year's earnings estimates, if Infoblox can keep up its current momentum and continue to accelerate growth, there's certainly a good chance the company will be able to grow into its steep valuation.

Fool contributor Steve Symington has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.