Cramer: Don't get too excited about Netflix's split

Cramer: Netflix stock split only 'cosmetic'
Cramer: Netflix stock split only 'cosmetic'   

Investors should not expect a big upward move on Netflix shares once it starts trading at its post-split price, CNBC's Jim Cramer said Wednesday.

"Let's not get too excited about this. There is no earnings announcement associated with this," Cramer said on "Squawk on the Street." "That is really cosmetic. No value is being created by this split."

On Tuesday, the video streaming service company announced it had approved a 7-for-1 stock split. The split will be payable on July 14 and the stock will trade at the post-split price on July 15.

Read MoreNetflix splits stock 7 for 1

Netflix's stock opened Wednesday trading sharply higher.

"Apple, when it actually began to split [its stock], it was at $92.70; five days later it was at $92.20, so let's not get too excited," Cramer added. Apple authorized a 7-for-1 stock split in April 2014.

Nevertheless, Cramer said he believes Netflix remains on track. "It is doing a lot right," he said. "There's an interesting note from FBR [Capital Markets] saying that Netflix is on pace to have a larger network audience than all the networks together."

DISCLOSURE: Cramer's trust owned Apple stock when this article was published.