Hi there,
Beating or missing on estimates in one quarter should have no long-term bearing on a decision to buy a stock. Analysts' estimates are just that - estimates as to how the company is going to perform. They are simply educated analysis of what investors can expect. These are also not to be confused with company issued guidance - which is a company's own internal analysis of their own future performance.
Missing or beating estimates/guidance in one quarter is not necessarily a good or bad thing. Often companies will drop after beating on top and bottom lines, and sometimes they will rise if they miss.
The markets however, definitely do pay attention to company guidance and estimates. So if the company consistently misses guidance or estimates, it could be a problem of underperformance.
But straight up - simply because a company posts a strong quarterly report, is no reason to buy a company. It could reinforce one's decision to buy, or confirm that the company is performing well but that alone is no reason to buy.
Mat