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.
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.