Cramer: About time Netflix made it to China

CNBC's Jim Cramer said Friday that Netflix's reported move to penetrate the Chinese market is overdue.

"One of the things we've been waiting for is for this shoe to fall. The Netflix programming seems to be loved worldwide. I have felt that the market cap for this company is way too small versus the opportunity," Cramer said on "Squawk on the Street."

Cramer made his remarks after reports surfaced that the video-streaming giant may be working with a Chinese company backed by Alibaba Chairman Jack Ma to enter the market.

The news propped Netflix's stock above $600 for the first time. Its previous intraday high was $594 per share. Its closing high is $589.95. The company declined CNBC's request for comment.

This, however, is only the latest in a string of good news for Netflix investors and the company itself.

Read MoreSuper-bullish Netflix call draws analyst's ridicule

On May 5, Bank of America upgraded its rating on Netflix shares to "buy" from "underperform," citing a more constructive view of Netflix' long-term subscriber and earnings potential based on its rapidly growing portfolio of top original content.

The bank also raised its price target to $722 a share from $350. Friday morning, it was trading at $606 a share. Click here for the latest price.

Disclosure: Cramer's trust does not own Netflix stock.