What: Shares of Luxoft Holding (NYSE:LXFT) dropped as much as 15% Friday despite no material company-specific news.

So what: With the Nasdaq Composite Index down 3.3% today as of this writing -- and keeping in mind that shares of Luxoft are still up more than 30% over the past year -- the IT software-solutions specialist is hardly the only high-flying tech company to be pulled down along with the broader market today on no news.

Now what: The stock currently trades around 27.5 times trailing 12-month earnings, and 17.5 times next year's estimates -- both seemingly reasonable premiums relative to the company's healthy growth. Most recently in November, Luxoft's third-quarter revenue climbed 29.1% year over year, to $161.5 million, and would have increased 39.5% had it not been for the negative effects of foreign exchange. That translated to a 50.5% increase in adjusted net income, to $28.6 million, and a 31% increase in adjusted earnings per share, to $0.84.

Luxoft CEO Dmitry Loschinin stated at the time, "Our end-to-end offerings created organically and complemented by acquisitions over the past year helped us win several landmark contracts with High Potential Accounts (HPAs) and maintain healthy pipeline of opportunities ahead."

Luxoft is slated to release its next quarterly report this coming Thursday, February 11, 2016. While that could certainly offer just the catalyst Luxoft needs for its stock to resume its upward climb, in the meantime, investors would do well to focus on the business itself, and remain patient amid the current market volatility.

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