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 Palo Alto Networks, (NYSE:PANW) rose more than 11% Thursday after the company announced a favorable court ruling in a patent infringement case brought by Juniper Networks.

So what: Specifically, Palo Alto announced a U.S. District Court has rejected Juniper's motion for summary judgment of patent infringement. Instead, the court granted, in part, several of Palo Alto Networks' motions for summary judgment of non-infringement based on the doctrine of equivalents. What's more, Palo Alto Networks received favorable decisions on claim construction regarding the patents.

Now what: The decision paves the way for a trial, during which Palo Alto Networks CEO Mark McLaughlin insists they "look forward to proving [...] that we do not infringe the Juniper patents."

Even so, and keeping in mind that shares aren't exactly cheap trading around 90 times next year's estimated earnings, I still prefer to remain on the sidelines until the infringement suit is fully resolved.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.