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 IntraLinks Holdings (NYSE:IL), a software-as-a-service provider, slumped on Thursday after the company came up short of analyst expectations when it reported its fourth-quarter earnings. As of 3:30 p.m., the stock was down around 17%.

So what: IntraLinks reported revenue of $67.4 million, up 7.6% year-over-year and slightly higher than what analysts were expecting. The company's earnings came up short, however, with non-GAAP EPS of $0.02 a penny below analyst estimates.

IntraLinks was unprofitable on a GAAP basis, reporting a net loss of $0.20 per share, compared to a net loss of $0.07 per share during the fourth quarter of 2013. For the full year, IntraLinks reported $255.8 million in revenue, a GAAP net loss of $0.47 per share, and $0.06 in non-GAAP EPS.

The company guided for revenue growth between 4% and 6% in 2015, with both GAAP and non-GAAP net income expected to be roughly flat year-over-year.

Now what: IntraLinks' growth is slowing and its earnings are stagnating. It currently trades at about 175 times the midpoint of its guidance for 2015 non-GAAP earnings, and 2.3 times sales. With this lofty valuation, single-digit revenue growth, and persistent GAAP losses, it's not surprising that the market punished the stock.