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 Guidewire Software, Inc. (NYSE:GWRE) jumped by more than 10% during intraday trading Wednesday after the insurance software specialist turned in solid fiscal first quarter 2014 results and raised forward guidance. 

So what: Quarterly revenue rose 5% year over year to $66.5 million -- or 14% if you don't include a $5 million nonrecurring revenue item Guidewire recognized in the same year-ago period -- which translated to an adjusted net loss of $0.4 million, or $0.01 per diluted share. By contrast, analysts were looking for an adjusted net loss of $0.16 per share on sales of $62.78 million.

In addition, Guidewire increased its full-year revenue guidance to a range of $330.5 million to $342.5 million, compared to its previous range of $328.5 million to $340.5 million. This, in turn, should translate to adjusted fiscal 2014 net income of about $0.20 to $0.25 per share.

Curiously enough, analysts were already modeling adjusted full-year fiscal 2014 earnings of $0.25 per share on sales of $336.85 million.

Now what: I suppose it should come as no surprise, then, that shares of Guidewire gave up some of their gains as the day wore on, and sit up around 5% as of this writing. As it stands, it's also worth noting the midpoint of the company's increased guidance only represents top-line growth of 12% over last year. With the stock currently trading around nine times sales and 100 times next year's estimated earnings, I'd prefer to wait for a more attractive entry point.

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.