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What's Happening: Shares of business software veteran NetSuite (NYSE:N) jumped as much as 11.2% Friday morning, sparked by a strong second-quarter report. Now trading at roughly $100 per share, NetSuite shares are exploring price levels not seen since last February.

Why it's happening: For the second quarter, analysts expected NetSuite to report adjusted earnings of $0.02 per share on roughly $172 million in sales. The company met Wall Street's earnings expectations right on the nose, but beat revenue projections with $177 million in total sales.

In prepared press statements, NetSuite CEO Zach Nelson said that the quarter justified his company's fundamental focus on cloud-based business management tools.

"To survive, all businesses need to transform their operations with cloud-based business application suites," Nelson said. "While NetSuite saw particular strength in our retail, manufacturing and wholesale distribution verticals, what is truly amazing is the breadth of companies transforming their operations and their industries with NetSuite."

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.

Looking ahead, management expects to deliver adjusted third-quarter earnings near $0.02 per share and roughly $23 million in operating cash flows, all culled from sales of about $193 million. These figures are roughly in line with current analyst targets.

NetSuite also raised its revenue outlook for the full year by 0.4% and operating cash flow guidance by 3%, while holding earnings targets steady at approximately $0.21 per share.