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 Control4 Corp. (NASDAQ:CTRL) rose more than 37% Tuesday after Google (NASDAQ:GOOGL) announced its $3.2 billion acquisition of smart thermostat-maker Nest Labs.

So what: Similar to Nest Labs' flagship solutions, Control4 makes a variety of home automation products to electronically integrate everything from lighting and home theater to climate control and security. As a result -- and given Google's propensity for purchasing multiple companies in the same industry -- Google's big bet on smart homes has unsurprisingly spurred speculation Control4 could be its next acquisition target.

Now what: While that'd be great for Control4 investors considering the hefty sum Google paid for Nest, I'd prefer not to bet on an acquisition as a sure thing. With shares of Control4 currently trading above 59 times next year's estimated earnings, I think Control4 investors would be wise to take at least some of their chips off the table.