Netflix (NFLX) shares are trading at record levels and sky-high valuations in the wake of last week’s Street-beating earnings report. Still, investors need not fear the surge in the video provider’s shares, said Michael Wall, President of Retire Well, LLC. 'They are high for sure right now, but I look at them as a longer term, three to five year play,' said Wall. 'I think there is a lot of growth in other markets and other countries that they still have yet to tap. They are doing a lot of things in the Spanish market that are really first to market.' Shares of Netflix are up 126% so far in 2015 and over 79% in the past 12 months. Earnings per share in the second quarter came in last week at $0.06, slightly ahead of estimates. As for sales, the company's revenue stood at $1.64 billion, matching Wall Street's forecast. Netflix added 3.3 million subscribers during the quarter, compared to 1.7 million during the same quarter last year, putting the total subscriber count to over 65 million. Netflix trades at 201 times its trailing 12 month earnings and over 357 times next year’s earnings forecast. Facebook’s stock may look pricey, but it is comparatively cheap at 94 times trailing earnings and 37 times its consensus 2016 earnings estimate. Once again, the high valuation for Facebook’s stock, up 25% this year, is not scaring off Wall.

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