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Netflix stock sinks as investors take profits

After two weeks of bullish analyst reports and price target hikes, Netflix (NASDAQ:NFLX) stock fell from its lofty perch on Thursday. In afternoon trading on the stock market today, Netflix was down 7.5% to near 113 amid a broader market selloff.

The Internet television company reached a record high of 129.29 on Aug. 5. Analysts attributed the drop Tuesday to profit-taking and valuation concerns.

Netflix stock has held strong in recent weeks as traditional media companies like Time Warner (NYSE:TWX), 21st Century Fox (NASDAQ:FOXA), Viacom (NASDAQ:VIAB) and Walt Disney...