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Why Netflix Shares Are Trading Higher Today

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Netflix Inc (NASDAQ: NFLX) is trading higher Wednesday after the company announced it has acquired the Roald Dahl Story Company.

Roald Dahl's books include characters like "Matilda," "The BFG," "Fantastic Mr. Fox," "Willy Wonka" and "The Twits."

"Netflix and The Roald Dahl Story Company share a deep love of storytelling and a growing, global fan base. Together, we have an extraordinary opportunity to write multiple new chapters of these beloved stories, delighting children and adults around the world for generations to come," Netflix wrote in a news release.

Following the announcement, Stifel analyst Scott Devitt maintained Netflix with a Buy rating and raised the price target from $580 to $650.

NFLX Price Action: Netflix has traded as high as $615.60 and as low as $463.41 over a 52-week period.

The stock was up 3.8% at $594.80 at time of publication.

Photo: Tumisu from Pixabay.

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