Netflix Inc. (NASDAQ: NFLX) shares surged to an all-time high on Thursday after a strong growth in the past month. The company shares gained 20 percent in the past month alone, pushing shares to $394.04.

Netflix shares have now gained 104.99 percent this year so far.

The online media streaming service began to gain momentum after it announced a new content surrounding the lives of former U.S. President Barack Obama and his wife Michelle Obama.

Media stocks all jumped on Wednesday after a federal judge approved AT&T’s (NYSE:T) acquisition of Time Warner (NYSE: TWX), paving itself to the top of the media industry. The deal gives AT&T ownership over multiple widely popular content such as CNN, HBO and Warner Bros.

Following the approval, Comcast Corporation (NASDAQ: CMCSA) offered a $65 billion all-cash bid to acquire majority of Twenty-First Century Fox (NASDAQ: FOXA), topping Disney’s (NYSE: DIS) offer of $52.4 billion, also continuing media stocks for the second consecutive day.

Sources previously said that Comcast would bid for Fox if AT&T’s acquisition attempt was approved. Comcast swiftly and offered a higher bid than Disney the next day after the approval.

Comcast’s new proposal offers Fox $35.00 per share in cash, which the company calls a “superior and more certain value” than Disney’s offer. The bid represents a premium of 19 percent to Disney’s bid as of noon on Wednesday.

Netflix shares popped on Thursday by 3.65 percent after Goldman Sachs upgraded its price target to $490 from $390, reiterating its buy rating. Goldman Sachs rating marks the highest target out of the 36 analysts who cover the stock.

“We believe the growing content offering and expanding distribution ecosystem will continue to drive subscriber growth above consensus expectations,” Goldman’s Heath Terry wrote in a note to clients.

Terry continued to say that he expects Netflix to have positive cash flow by the end of 2018, as revenue growth will begin to outpace content spend growth next year. He projects 2022 to be an “inflection” point, where Netflix will see a $500 million free-cash flow.

Terry forecasts Netflix to spend $14 billion on content this year, while the company projected $8 billion.

"Cash spend correlates strongly with future subscriber growth," he said. "The company's streaming content additions on the cash flow statement are highly correlated on a 12 month lagging basis with forward subscriber additions."