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.

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 fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

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 ASE Technology (ASX Quick QuoteASX - Free Report) . ASX is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock is trading with a P/E ratio of 16.16, which compares to its industry's average of 36.84. Over the last 12 months, ASX's Forward P/E has been as high as 21.39 and as low as 10.10, with a median of 13.22.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. ASX has a P/S ratio of 1.39. This compares to its industry's average P/S of 3.88.

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