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 communications software specialist BroadSoft, Inc. (NASDAQ:BSFT) plummeted 20% today after its quarterly results missed Wall Street expectations.

So what: The stock has pulled back sharply since October on signs of rapidly slowing growth, and today's Q1 results -- loss of $7.5 million on a revenue increase of just 11% -- only reinforce that trend. In fact, BroadSoft's gross margin slipped about 500 basis points over the year-ago period, suggesting that its competitive position is becoming more expensive to maintain.

Now what: Management reaffirmed its full-year adjusted EPS outlook of $1.26-1.46 on revenue of $206 million-$212 million, versus the consensus of $1.36 and $208.9 million. "We had a solid start to 2014 with continued momentum, especially in our cloud SaaS business and internationally," CFO Jim Tholen reassured investors. "We are excited about our hosted Unified Communications market opportunity and reiterate our full year revenue and earnings outlook." More importantly, with the stock now off about 50% from its 52-week highs and trading at a cheapish forward P/E of 10, now might be an opportune time to buy into that bullishness. 

Brian Pacampara has no position in any stocks mentioned, and neither does The Motley Fool. 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.