What's Going On With Netflix Stock Today?

Netflix Inc NFLX shares are trading higher. A pair of analysts increased price targets on the stock Wednesday.

What Happened: JPMorgan analyst Doug Anmuth maintained Netflix with an Overweight rating and raised the price target from $380 to $470.

Wells Fargo analyst Steven Cahall also maintained Netflix with an Overweight rating and raised the price target from $400 to $500.

Netflix shares have rallied over the last few weeks as the company has ramped up its crackdown on password sharing, which is expected to help drive increased revenues. 

In an update posted on the company's blog last month, Netflix said it was sending emails to customers who were sharing Netflix outside of their households in the United States.

In order to help with the transition, the company rolled out the ability to transfer a profile to a new membership account. Netflix users are also able to add an extra member to their account for $7.99 a month.

Netflix originally planned to begin cracking down on password sharing in the first quarter, but on an earnings call last month, the company said it was delaying the push until the second quarter. At the time, Netflix noted that more than 100 million people were sharing accounts with people outside of their household. 

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NFLX Price Action: Netflix shares were up 3.39% at $412.82 at the time of publication, according to Benzinga Pro.

Photo: Tumisu from Pixabay.