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 teeth-straightening specialist Align Technology (Nasdaq: ALGN) surged 16% on Tuesday after its quarterly results and guidance topped consensus estimates.

So what: Align's top and bottom lines continue to trend so much stronger than expected -- adjusted EPS of $0.27 topped Wall Street by $0.06 on 29% revenue growth -- that analysts are quickly scrambling to raise their price targets yet again. Sales of its flagship product Invisalign rose 18% to $128.2 million, reinforcing optimism over the longer-term growth prospects of invisible braces.

Now what: Expect the momentum to continue in the short term. Management now sees second-quarter adjusted EPS of $0.26 to $0.28 on revenue of $140.2 million to $143.7 million, also above Wall Street's view of $0.24 and $135.6 million. However, with the stock busting through its 52-week high today -- up a whopping 120% from its October lows -- and trading at a forward P/E of 26, the easy money might have already been made.

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