Netflix stock is nearing its all-time high at a time when the streaming company is seeking shareholders’ approval for a stock split. On Monday, shares of the streaming company surged 4.4% to $474.68, nearing its all-time intra-day high of $489.29, which was hit last year.

Netflix, Inc. Approaches Record High With Stock Split In Sight

Stock split good for retail investors

It’s a good sign for investors with just days before the next earnings announcement and plans revealed by the company to go for a stock split. Last week in a filing, Netflix stated plans to increase the number of shares available on the open market and now is seeking a vote in a shareholders meeting scheduled in June. The streaming company plans a total share count of up to 5 billion and seeks a stock split, according to a report from San Jose Mercury News.

As per the filing, “If this Proposal Four is approved by stockholders, management expects that it will recommend to the board a stock split.”

Commenting on the split, Netflix spokeswoman Anne-Marie Squeo told Bloomberg News on Friday, “At a lower price point, there’s a perception the stock is more accessible.”

Nowdays, stock splits have become a general term in Silicon Valley. More and more companies are resorting to splits as their share price moves higher, which makes it difficult for many retail investors to buy new shares. Last year, Apple successfully split its stock seven-to-one. Also Google carried out a split primarily aimed to keep majority control with co-founders Sergey Brin and Larry Page.

Analysts bullish on Netflix

Even when the stock price is nearing its all-time high, analyst are still bullish on it. On Monday, UBS analysts raised their price target on Netflix from $370 to $565, stating that the company is “a unique play on global online video growth.” Analyst Doug Mitchelson said that the installation of the Netflix app on Apple devices suggests the popularity of the streaming company in new overseas markets except for France and Germany. In the U.S, the company enjoys numerous competitive advantages and “differentiated market positioning” against new streaming options.

Also Morgan Stanley reiterated its $535 price target on Monday, stating that Apple’s rumored streaming television packages will not be negative for Netflix. Separately, RBC Capital Markets and Cantor Fitzgerald maintained their Buy ratings on the streaming company with price targets of $550 and $500, respectively.