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: Once again, on no significant company-specific news, shares of Zendesk Inc (NYSE:ZEN) jumped nearly 15% during Wednesday's intraday trading before settling to close up around 8%.

So what: Having held its IPO only two weeks ago, the cloud-based customer service software provider is still prone to significant volatility. This in mind, investors could be building positions in anticipation of the June 8 expiration of ZenDesk's SEC-mandated 25-day "quiet period," after which its underwriters will be free to release their respective research reports on the company.

Now what: In a similar case two months ago, you might recall Varonis Systems' quiet period expiration resulted in a quick 20% pop after five analysts simultaneously assumed largely positive coverage on the stock. Of course, even after that pop, Varonis shares still traded more than 20% below their post-IPO high set a few weeks earlier. As it stands, Zendesk stock has doubled from its IPO price at $9 per share, and is up nearly 30% from its first-day close. But that also doesn't mean Zendesk's underwriters won't try to propel the price even higher.

In the end, though, as a long-term investor, I'm not particularly anxious to try taking advantage of possible short-term swings with little correlation to Zendesk's actual business. For now, that's why I'm sticking to my previous stance of patiently watching Zendesk from the sidelines.

Steve Symington has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. 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.