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 NetScout Systems, (NASDAQ:NTCT) jumped more than 14% Thursday after the company turned in solid fiscal third-quarter 2014 results.

So what: Adjusted quarterly revenue rose 20% year over year to $110.6 million, which translated to a 39% increase in non-GAAP net income to $0.50 per share. Meanwhile, analysts were looking for adjusted earnings of just $0.42 per share on sales of $102.87 million.

With one quarter remaining in its fiscal 2014, NetScout also narrowed its full-year guidance for adjusted revenue of $392 million to $395 million, with adjusted net income of $1.48 to $1.50 per diluted share. The midpoint of both ranges sits well above analysts' average expectations for fiscal 2014 earnings of $1.47 per share, with sales of $390.7 million.

Now what: This also marks NetScout's fourth-consecutive beat on both the top and bottom lines. But given the company's healthy revenue and earnings growth rates, shares still don't look terribly expensive trading around 22 times next year's estimated earnings. If NetScout can continue delivering solid results like this going forward, it should have little trouble justifying its premium to investors.

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.