There are still values to be found in the technology sector. ZAGG Inc. ( ZAGG - Snapshot Report ) , which makes protective covers for smart phones, iPads and other electronic devices, recently reported record results for 2011. Yet this Zacks #1 Rank (Strong Buy) has attractive valuations, with a forward P/E of just 12.6.

ZAGG designs and manufactures products like films, skins, audio and power solutions for consumer electronic devices.

Its flagship product is the invisibleSHIELD, which is available in 5,000 pre-cut designs, and acts as a protective cover on handheld devices. The company has sold over 7 million invisibleSHIELDs.

ZAGG Has Record Q4 and Full Year

On Feb 27, ZAGG reported its fourth quarter and full year results and blew by the Zacks Consensus Estimate in the fourth quarter by 35% on its way to a record quarter. Earnings per share were 27 cents compared to the consensus of just 20 cents. This compares to just 13 cents in the year ago quarter.

Sales jumped 131% to a fourth quarter record of $67.5 million from $29.3 million last year. 82% of the sales came from indirect channels, 12% from ZAGG.com and iFrogz.com and 5% from the company's mall cart and kiosk program. An additional 1% came from shipping and handling charges.

The fourth quarter included the holiday season, which saw record online sales.

ZAGG has been in business since March 2005.

Outlook for 2012

The company sees sales growth continuing in 2012. It provided sales guidance for 2012 in excess of $250 million, which is up from $179.1 million in sales in 2011.

Zacks Consensus Estimate for 2012 Rises

The analysts liked what they heard as the 2012 Zacks Consensus Estimate rose to 80 cents from 75 cents in the last 30 days after 3 estimates were revised higher in that time.

So far, however, they aren't betting on much earnings growth after a record 2011. It is EPS growth of just 3.6%.

Value Fundamentals

ZAGG's stock has bucked the recent trend of many stocks and is NOT at new 52-week highs.

Valuations are still attractive. In addition to a P/E under 15, which is the cut-off I use for value, it also has a price-to-book ratio of 2.9.

This puts its P/B just under the level I use to measure value, which is a P/B of 3.0.

The company also has a stellar 1-year return on equity (ROE) of 21.6%.

With a P/E under the average of the S&P 500, ZAGG is an option for investors looking for a value stock in the hot technology sector (outside of Apple, of course.)

Tracey Ryniec is the Value Stock Strategist for Zacks.com. She is also the Editor of the Turnaround Trader and Insider Trader services. You can follow her on twitter at @TraceyRyniec.