Shares of cloud company Akamai jumped 15 percent Monday after investment firm Elliott Management said it bought a 6.5 percent stake in the company.

The hedge fund said on Friday the stock was undervalued and that Akamai's $9.7 billion market value didn't reflect the uses of its platform, which speeds up content delivery over the internet.

Monday morning the stock was trading above $66, nearly flat for the year.

Elliott plans to make some sweeping changes at Akamai, curtailing wasteful spending and what it sees as poor strategic planning for expanding into new markets, sources familiar with the situation told Reuters.

--Reuters contributed to this report.