Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One stock to keep an eye on is Forrester Research (FORR). FORR is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock is trading with a P/E ratio of 9.16, which compares to its industry's average of 19.52. Over the past year, FORR's Forward P/E has been as high as 16.70 and as low as 9.14, with a median of 11.76.

Investors will also notice that FORR has a PEG ratio of 0.68. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. FORR's industry has an average PEG of 1.84 right now. Within the past year, FORR's PEG has been as high as 1.34 and as low as 0.68, with a median of 0.87.

Investors should also recognize that FORR has a P/B ratio of 1.18. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 3.34. Over the past year, FORR's P/B has been as high as 2.30 and as low as 1.17, with a median of 1.55.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. FORR has a P/S ratio of 0.61. This compares to its industry's average P/S of 1.58.

Finally, our model also underscores that FORR has a P/CF ratio of 8.36. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 14.53. Over the past 52 weeks, FORR's P/CF has been as high as 14.76 and as low as 8.32, with a median of 10.71.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Forrester Research is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, FORR feels like a great value stock at the moment.

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