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 network equipment maker Infoblox, Inc. (NYSE:BLOX) plummeted 22% today after its current quarter and full-year outlook disappointed Wall Street.

So what: Infoblox's Q1 results -- adjusted EPS of $0.12 on revenue growth of 28% -- managed to top estimates, but downbeat guidance for the rest of the year is triggering serious concerns over slowing growth going forward. While demand for Infoblox's automation products remains healthy, the outlook suggests that it isn't growing fast enough to justify the stock's seemingly lofty price multiples.

Now what: Management now sees full-year EPS of $0.44-$0.54 on revenue of $270 million-$276 million, versus the Wall Street consensus of $0.53 and $276.9 million. "As we look forward, we believe that Infoblox is well positioned to leverage its technology leadership by expanding our solutions in the areas where CIOs are investing today, while accelerating the market's awareness and adoption of our automated network control solutions," said CEO Robert Thomas. With the stock still up about 160% from its 52-week lows and trading at a forward P/E of about 45, however, I'd wait for an even wider margin of safety before buying into that bullishness.

Fool contributor Brian Pacampara 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.