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.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. 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 Perion Network (PERI). PERI is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock is trading with P/E ratio of 8.10 right now. For comparison, its industry sports an average P/E of 23.71. Over the past year, PERI's Forward P/E has been as high as 9.48 and as low as 3.64, with a median of 6.93.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. PERI has a P/S ratio of 0.76. This compares to its industry's average P/S of 1.02.

Finally, we should also recognize that PERI has a P/CF ratio of 13.72. 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. PERI's P/CF compares to its industry's average P/CF of 48.33. Within the past 12 months, PERI's P/CF has been as high as 16.59 and as low as 3.42, with a median of 6.04.

These are just a handful of the figures considered in Perion Network's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that PERI is an impressive value stock right now.

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This article originally published on Zacks Investment Research (zacks.com).

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