Netflix Inc shares soared as high as 15 percent in morning trading as investors and analysts cheered the company's strong results.

Netflix reported a surge in fourth-quarter profit on Wednesday and said it had signed up another 3 million subscribers -- surpassing even executives' expectations. Investors put aside any concerns that the high-flying company would soon sputter.

They did it again! wrote JPMorgan analyst Imran Khan and his team in a note to investors. JPMorgan raised its price target on Netflix to $224.00 from $186.00.

Shares of Netflix were up 13.6 percent at $207.93 in morning trading after rising to a multiyear high of $211.30 earlier in the session.

Netflix, which is known for delivering its customers' movies and TV shows through the mail in bright red envelopes, is making headway bringing consumers streaming programing.

Netflix's total subscriber base now stands at 20 million, making it the third-largest U.S. video subscription service, behind only Comcast Corp and DirecTV.

(Reporting by Jennifer Saba; Editing by Lisa Von Ahn)