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 ChannelAdvisor Corp. (NYSE:ECOM) plunged nearly 13% Tuesday despite better-than-expected quarterly results from the cloud-based e-commerce specialist.

So what: Quarterly revenue grew 30% year over year to $19.3 million, which translated to an adjusted net loss of $8.7 million, or $0.36 per share. By comparison, ChannelAdvisor turned in a $0.16 per share net loss in the same year-ago period. Analysts, on average, were looking for a slightly wider $0.37 per share loss on sales of $18.97 million.

In addition, ChannelAdvisor sees second-quarter revenue between $19.8 million and $20.1 million, and full-year 2014 sales between $85 million and $86 million. The midpoint of both ranges is roughly in line with expectations.

Now what: The results were solid, but the market was obviously hoping for more, as analysts at both Baird and Deutsche Bank promptly lowered their respective per-share price targets on ChannelAdvisor to $40 and $32, without changing their "outperform" and "hold" ratings on the stock. It also didn't help that tech stocks in general got hammered today, with the Nasdaq Composite Index plunging almost 1.4%. 

However, it's still hard for me to get excited about ChannelAdvisor over the long term while it's still hemorrhaging so much red ink. For now, I personally prefer to simply observe ChannelAdvisor's progress from the sidelines.

Steve Symington and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't 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.