"You've got to take some profit on this move," he said Tuesday.
The video-streaming company's shares jumped more than 3 percent in extended trading Tuesday after it announced it would split its stock 7-for-1 next month. The move to make the stock more accessible comes as Netflix has doubled this year, to trade around $700 per share.
Read MoreNetflix splits stock 7 for 1
But some traders believe the stock has more room to run despite its valuation. The company will likely grow its international subscriber base and has membership pricing leverage, both of which could drive its stock higher, said trader David Seaburg.
Trader Guy Adami agreed, adding that it should "grind higher."
Aerospace and defense giant Boeing announced that CEO Jim McNerney will step aside to make room for current president and COO Dennis Muilenburg next month, the company said Tuesday. Markets showed little reaction, as Boeing shares fell 0.5 percent in extended trading.
Nothing McNerney or Muilenburg said in a CNBC interview Tuesday indicated the company would change course, Kelly said. Both he and Adami noted they would stay long in the stock with $140 per share as a stop.
Boeing shares closed above $144 on Tuesday.
Trader Steve Grasso added that he would "still rather buy airlines." He would look to buy JetBlue, which he believes is cheap, around $21 per share.
Brian Kelly is long BABA, BBRY, BTC=, EEM, euro, MSFT, NOC, SPY, TAN, TSL and yen. He is short dollar and yuan.
Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.
Steve Grasso is long AAPL, BAC, DD, DECK, EVGN, KBH, MJNA, PFE, PHM, T, TWTR and GDX. His firm is long TWTR, AMZN and MCD. His kids own EFG, EFA, EWJ, IJR and SPY.