Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of 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.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

Yelp (YELP) is a stock many investors are watching right now. YELP is currently sporting a Zacks Rank of #1 (Strong Buy) and an A for Value. The stock is trading with a P/E ratio of 17.05, which compares to its industry's average of 22.82. Over the past year, YELP's Forward P/E has been as high as 35.07 and as low as 16.94, with a median of 23.39.

We also note that YELP holds a PEG ratio of 0.66. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. YELP's PEG compares to its industry's average PEG of 1.54. Within the past year, YELP's PEG has been as high as 0.69 and as low as 0.66, with a median of 0.67.

Investors should also recognize that YELP has a P/B ratio of 3.09. 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. YELP's current P/B looks attractive when compared to its industry's average P/B of 7.45. Over the past 12 months, YELP's P/B has been as high as 4.48 and as low as 3.04, with a median of 3.56.

Finally, investors should note that YELP has a P/CF ratio of 10.75. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 23.57. Over the past year, YELP's P/CF has been as high as 19.74 and as low as 10.44, with a median of 14.19.

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

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