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 LogMeIn, (NASDAQ:LOGM) rose more than 21% Friday after the cloud-based collaboration specialist turned in better-than-expected fourth-quarter results and forward guidance.

So what: Quarterly revenue rose 22% year over year, to $45.2 million, which translated to adjusted net income of $0.16 per diluted share. Analysts were only expecting earnings of $0.15 per share on sales of $43.99 million.

In addition, LogMeIn expects current-quarter revenue in the range of $46.8 million to $47.3 million, which should result in adjusted net income per share of $0.20 to $0.21. By contrast, Wall Street was modeling first-quarter earnings of $0.17 per share on sales of $44.27 million.

Finally, LogMeIn projects full year 2014 sales of $198 million to $202 million, and adjusted net income per share of $0.86 to $0.96. Once again, both ranges stand well above expectations for 2014 earnings of $0.77 per share on sales of $190.31 million.

Now what: Though LogMeIn isn't profitable based on generally accepted accounting standards on a trailing 12-month basis, investors are also happy knowing the company expects to swing to a 2014 GAAP profit in the range of $0.07 to $0.16 per share.

As it stands, the stock doesn't look particularly cheap trading above 40 times this year's expected earnings, but it will prove to be a well-deserved premium if LogMeIn can maintain its momentum over the long-term. At the very least, I think investors would do well to add LogMeIn to their watchlists to keep tabs on its progress.