It's trading at ~$212, which means it's not totally outrageous to think it could get close to its previous all-time high of ~$295.
Considering Netflix had crashed all the way to $54 last September, this is quite the turnaround.
Why is Netflix back in with investors? Because its risky bet on original programming is paying off.
Leigh Drogen of Estimize summarized Netflix's earnings report on Twitter better than anyone else:
Basically, $NFLX became HBO faster than HBO could become $NFLX
— Leigh Drogen (@LDrogen) April 22, 2013