Akamai Heads List of Fastest Growing Tech Companies

Business 2.0 magazine came out with its annual list of 100 fastest growing technology companies, and No. 1 is Akamai Technologies Inc., which allows consumers faster access to the internet.

Mark Kelleher, a tech analyst at Canaccord Adams, said he would hold off on buying Akamai right now, despite its recent success of 40% gain in revenue over the past 12 months.

Tech in the Spotlight
Tech in the Spotlight   

"The stock has kind of taken a pause right now," Kelleher said on "Squawk on the Street." "The stock is poised to form a base here; probably needs to grow a little bit more into the evaluation before it can move forward."

A rising stock that Kelleher likes is Internap Network Services , a service provider that provides similar services to Akamai Tech.

"I think the stock can work. I think they are in kind of an undiscovered position where Akamai was maybe nine months ago," he said.