Some analysts are bullish on Netflix. Getty

Shares of Netflix Inc. (Nasdaq: NFLX) dipped 0.94% on Wednesday to close at 99.15 after a sharp increase in recent weeks and after rising 2.78% on Tuesday to close at $100.09. It was the first time Netflix had hit triple digits since June 5.

The Los Gatos, CA-based entertainment company received a bullish note from Piper Jaffray on Tuesday. Michael Olson claims in his "sum-of-the-parts" analysis that the stock value is $122, or undervalued by roughly 25% and has an "overweight" rating.

On Aug. 29, analyst Mark Mahaney of RBC Capital Markets had encouraging insight about Netflix in an interview on CNBC and with shares trading at 97.50. He was mainly encouraged by new surveys of subscribers in the U.S., U.K., and Brazil, and gave Netflix a price target of $130.

"As a stock, one of the reasons we like it is that has underwhelmed. It's traded off relatively materially this year. We've had two quarters in a row of submisses, so that's why this stock has traded off," Mahaney said.

"There (are) three things in here we think are extremely important. First, is based on our quarterly testing in the U.S., it looks like the churn challenge is maybe abating at Netflix. We found a smaller percentage of subscribers saying they were willing to "churn off," or were planning to "churn off," than we did three months ago.

"Secondly, we found that Amazon Prime seems to be less of a competitive threat than the market fears.

"Third, some of the analysis we did shows that international, which has been a money loser for Netflix that last four years ... the older markets there are scaling as profitable as the U.S. did in the earlier days. We think that the financial markets underappreciated the profit potential for Netflix outside the U.S."

Netflix reached a 12-month high of 133.27 on Dec. 7, 2015, while it's 12-month low was 79.95 on Feb. 8.