However, analysts continue to hate the stock, simply because they do not understand it, Cramer said. They try to value the company based off of traditional metrics such as earnings per share.
But this is "not an earnings per share story," he argued. "It's a cultural shift story." He also called Netflix a "cult stock," which is when a stock seems like it can do no wrong.
As long as Netflix continues to add subscribers, the stock will continue to move higher, Cramer said.
Just as how analysts are struggling to value the company -- some downgrading the stock but raising the price target -- Cramer suggested that investors look at the company's market cap.