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 thesis.

What: Shares of Callidus Software, (NASDAQ: CALD) fell more than 15% Thursday after the company posted solid fourth-quarter results, but followed with light full-year earnings guidance.

So what: Quarterly revenue rose 20% year over year to $30.2 million, which translated to adjusted net income of $0.04 per diluted share. By comparison, analysts were looking for earnings of just $0.03 per share on revenue of $28.81 million.

What's more, Callidus expects current quarter revenue for between $29 million and $30 million, with adjusted earnings per share of $0.02 to $0.04. Both ranges were essentially in line with expectations, which called for Q1 earnings of $0.03 per share on sales of $29.36 million.

The lone miss came in Callidus' full-year 2014 numbers, calling for revenue of $125 million to $130 million and adjusted earnings per share of $0.12 to $0.16. Analysts were already modeling 2014 sales of $127.39 million, but expected higher earnings of $0.17 per share.

Now what: I'll admit the miss wasn't all that bad, but its obvious shares were priced for perfection trading more than 40 times next year's estimated earnings. Keeping in mind those estimates are likely to fall after analysts have time to fully digest today's news, I can't blame investors for bidding Callidus stock down.