Netflix shares topped $200 for the first time today, as the video-streaming giant prepares to announce its Q3 earnings results next week.
The magic $200 mark was popped as Goldman Sachs predicted that the company will post subscriber gains above expectations over both Q3 and Q4. Netflix stock breached $200 only briefly as the markets opened this morning, then dropped slightly below the tide-mark again.
This milestone moment comes shortly after the company announced a price-hike in the U.S. and several other markets around the world. Indeed, Netflix announced price rises for two of its three subscription tiers on October 5, with the mid-level $9.99 plan being bumped up to $10.99 per month, and the top-tier incarnation rising to $13.99 per month from $11.99. Wall Street clearly liked this news, and in the days that followed Netflix stock saw a notable spike.
Many predicted that Netflix would soon hit the $200 mark. For context, Netflix shares were at around $184 on October 4, but by the time the markets closed on October 5 the shares were up to more than $194 before hitting a peak of $198 on Friday, October 6.
Netflix announced its initial public offering (IPO) way back in 2002 when the Los Gatos-based company offered a DVD subscription service. The company set its IPO price at $15 per share, and after a slow start its shares have been on a general upward trajectory for the past few years.