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Trading tech: 5 plays on Netflix, other movers

Investors might want to rush to the door after the Netflix post-earnings spike, said CNBC "Fast Money" trader Steve Grasso.

The streaming media company jumped 11 percent in extended trading after missing Wall Street's first-quarter earnings expectations but beating projections for both U.S. and international subscriber growth. At nearly $530 per share, Netflix owners would be wise to take profits, Grasso noted.

"You have to sell on this type of move. You cannot keep it," he said.

Read MoreStrong dollar squeezes Netflix earnings; shares jump 12%

Trader Tim Seymour said international user growth—which came in at 2.6 million versus 2.3 million expected—impressed him. However, he noted the valuation put traders in a "very difficult place."

He added that $500 per share could become a new floor for the stock. Trader Guy Adami added that shares seemed "stupid expensive" measured by price-to-earnings ratio, but investors should look beyond the metric to subscriber growth.

Traders also discussed how to play some of Wednesday's other technology movers.

Netflix
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Sandisk

Chipmaker Sandisk plunged 6 percent in extended trading after reporting that first-quarter revenue fell nearly 12 percent year-over-year. It also cut full-year guidance.

Seymour noted that Sandisk raises more red flags than another embattled chipmaker, Micron.

Mobileye

Mobileye, a maker of driver assistance systems, jumped 10 percent Wednesday on positive analyst notes from Morgan Stanley and Deutsche Bank. It closed above $46 per share.

Adami said investors should own Mobileye against roughly $42 per share. However, Grasso noted that the car technology space is starting to getting crowded as Google and other giants develop car technology.

Oracle

Software company Oracle has "quietly" surged, Adami said. It climbed about 3 percent on Wednesday.

"It's not expensive" around $44 per share, he noted, saying that it could make a good long play into the summer.

Disclosures:

Tim Seymour

Tim Seymour is long T, BAC, C, DIS, XOM, F, GE, GM, GOOGL, INTC and SUNE. Today, he sold FXI. Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX and YNDX.

Dan Nathan

Dan Nathan is long BBRY June call spread, IWM April put fly, M May call spread, NKE call spread, QQQ May 108/ 98 put spread, SHAK, T, TWTR, WMT June call spread, XHB April 35/32 put spread and XLP May put spread.

Steve Grasso

Steve Grasso is long AAPL, EVGN, MJNA, PFE, T, TWTR and GDX. He bought BAC and BTU today. His firm is long AMZN, IBM, MCD, NE, OXY, VALE and RIG. His kids own EFG, EFA, EWJ, IJR and SPY.

Guy Adami

Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.