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 HomeAway, (UNKNOWN:AWAY.DL) jumped nearly 16% Thursday after the online vacation rental specialist turned in better-than-expected third-quarter results, and strong forward guidance.

So what: Quarterly revenue rose 23.3%, to $90.1 million, which translated to 35.7% higher adjusted earnings of $0.19 per share. Analysts, on average, were looking for earnings of just $0.16 per share on sales of $89.15 million.

In addtion, HomeAway issued fourth-quarter revenue guidance in the range of $85.5 million to $86.5 million, also exceeding average estimates, which called for Q4 sales of $85.53 million.

Now what: CEO Brian Sharples weighed in: "The second half of 2013 is proving to be a very exciting time for HomeAway. In particular, the third quarter marked several advancements in pursuit of accelerating growth in listings and improving competitive positioning."

To be sure, this quarter was solid for HomeAway, and I'm not surprised by today's pop. But at roughly 45 times next year's earnings estimates, investors should also keep in mind the stock is trading at a premium, even considering its impressive earnings growth. Going forward, while shares could admittedly have some room to run from here, I'd personally prefer waiting for a pullback before stepping in.