Netflix shares hit an all-time high on Monday as investors awaited the results of Monday night's Emmy Awards, where the company nabbed a record 31 nominations, in hopes that the streaming video company beats cable and network shows, takes home the statue and, of course, adds more subscribers.
Netflix hit an all-time high of $485.30 earlier on Monday, before easing to close at $480.93, up 0.4 percent on the day. Shares were last flat in after-hours trading before the awards.
While industry rivals like Amazon and Hulu struggle to gain market share in the video on demand space, Netflix is working to prove its itself as a bonafide competitor to traditional media giants like HBO.
Read MoreAmazon snaps up video startup Twitch for $970M
Tuna Amobi, media and entertainment equity analyst at Standard & Poor's, said the company would more than likely benefit from the award nominations even if it doesn't come out on top.
The free publicity generated by the Emmys is a major plus for the company, he said, pointing to the all-time high in Netflix shares as proof.
"There's no question that it has potentially significant promotional benefits" Amobi said. "The company would benefit from lower marketing cost… They can now go out and try to fashion marketing campaigns around it."
Netflix's original content has helped it to add subscribers and Amobi says the recent nominations may send subscriber numbers higher.
Read More Netflix replies to Verizon cease and desist letter
"If you look at the subscriber growth, you can make a pretty direct correlation between the release of some of these original series and the trajectory of growth for viewership," Amobi said. "...With these nominations and the publicity around them, there is no reason that can't be extrapolated."
Amobi—who currently has a $450 price target on the stock—is now eyeing Netflix's fall expansion in Europe, which he says will provide a better sense of the "potential upside of the international market."
Last year, Netflix made history and received the first Emmy nomination for a series delivered solely online as it works to make original programming a priority to lure subscribers. The stock touched $315.89 for the first time ahead of last year's ceremony.
Earlier this month it released Mission Blue, a feature documentary from the Oscar-winning director Fisher Stevens.
It's also slated to begin production on Grace and Frankie, a new comedy starring Jane Fonda, Lily Tomlin and Martin Sheen this month.
Read More Netflix tops earnings expectations; raises prices for new members
The stock has gained about 73 percent over the last year, outperforming the S&P 500, which gained about 20 percent over the same period.
In July, Netflix forecast earnings of 89 cents per share on $1.22 billion in revenue.
Analysts expect Netflix to report earnings of 91 cents per share on $1.41 billion in revenue, reflecting a 27 percent year-over-year growth rate in revenue and 75 percent on EPS. Netflix is scheduled to report third quarter earnings on October 20.
—By CNBC's Karma Allen
