Shares of (NASDAQ: NFLX) have skyrocketed this year. As of this writing, the streaming TV and movie service company's shares have gained 47% year to date. This obliterates the S 500's approximate gain of 14% during this same time frame.

With so much momentum in Netflix's stock price, many investors are likely wondering: Can shares keep climbing higher? The short answer, of course, is "yes." But for investors asking the question with a deeper and more useful meaning behind it, the answer may not be as straightforward.

Prudent investors, for instance, are likely pondering whether the stock is still an attractive long-term investment after its recent big gains. After all, the stock's price-to-earnings ratio is now quite high at about 48. This means investors are already pricing in exceptional earnings growth for years to come.

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Source Fool.com