Akamai Technologies (AKAM) - Get Report , the undervalued tech gem?

Elliott Management's Paul Singer on Friday launched an activist campaign at Akamai, arguing in a securities filing that there are numerous "operational and strategic" opportunities to maximize shareholder value, including a consideration of "a sale process."

Akamai's stock price jumped 13% on Monday following the news. The insurgent manager reported a 6.5% stake in the $11 billion market capitalization cloud services and content delivery company.

Singer may be right on the mark with this call.

Despite the broad rally in tech shares that has meaningfully boosted valuations, Akamai's stock only trades on a price-to-earnings multiple of 25 times forward earnings estimates. With Akamai playing a key role in the streaming content movement being led by Netflix (NFLX) - Get Report , the company looks to be a long-term winner.

"We see a lot of video being watched over the top, but as much as that's happening it's still the tip of the iceberg," Akamai co-founder and CEO Dr. Tom Leighton told TheStreet in an October interview. "I think there will be much more video watching over the top in the future." Leighton said Akamai hit a new traffic record in the third quarter on the back of more people watching videos on demand.

Akamai has long played a key role in the plumbing that supports video watching and live streaming. More recently, the company has made a push into cyber-security services to tap into Corporate America trying to protect themselves from hacks.

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