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) jumped more than 11% early Friday, then settled to close up more than 4% after the cloud-based collaboration company reported solid second-quarter results and raised its full-year guidance.

So what: Quarterly revenue rose 35% year over year, to $55 million, which translated to adjusted net income, which more than doubled to $7.3 million, or $0.29 per diluted share. Both figures exceeded the high-end of LogMeIn's own guidance, and also came out ahead of analysts' expectations for second-quarter earnings of $0.24 per share on sales of $52.5 million.

As a result, LogMeIn now expects full-year 2014 revenue of $216.5 million to $218.0 million, with adjusted net income per diluted share of $1.05 to $1.12. By comparison, Wall Street was only modeling adjusted earnings of $1.00 per share on sales of $210.9 million.

Now what: LogMeIn CEO Michael Simon elaborated: "Our key growth drivers continue to perform very well, with once again delivering 100-plus percent year-over-year revenue growth, strong ongoing contribution from our SMB IT customer base and early, encouraging customer demand and traction in the Internet of Things with Xively."

Given the company's outsized growth, I think shares look reasonably valued, even trading around 5.5 times trailing 12-month sales, and 35 times next year's expected earnings. But at these levels, I'm just not intrigued enough to want to dive in today. For now, I'm perfectly content continuing to watch LogMeIn 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.