Netflix's share price is at record high, after doubling to more than 103 per cent so far in 2018

 
Emily Nicolle
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Hit shows like Stranger Things, The Crown and Making A Murderer have helped take Netflix to new heights
Hit shows like Stranger Things, The Crown and Making A Murderer have helped take Netflix to new heights (Source: Getty)

Netflix’s share price hit a record high yesterday, doubling in value since the beginning of 2018. It is now officially the S&P 500’s second-best performing member this year, after it reached an year-to-date increase of more than 103 per cent.

Its share price was up 3.41 per cent as markets closed at $392.87 (£295.99). Netflix is the second firm to have doubled so far in 2018 in the S&P 500, coming in a month behind medical implant device manufacturer Abiomed.

Twitter is the next stock set to double, having gained more than 90 per cent so far in 2018, a milestone which Netflix reached on Tuesday.

Read more: World tech share prices are at an all-time high, Europe rises by 2 per cent

In a bullish note on Wednesday, analysts at Goldman Sachs predicted that Netflix will add 32.5m net subscribers next year, as it blew past subscriber addition estimates in both of 2018’s quarterly reports.

The note also said that Netflix would be cash flow-positive by 2022.

Goldman Sachs also lifted its 12-month price target by $100 to $490, the highest out of the 36 analysts who cover the stock.

The video streaming giant, now higher valued than Disney, has a market capitalisation of $163.54bn.

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