The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find 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 a variety of methods, including tried-and-true valuation metrics, to find these stocks.

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.

One stock to keep an eye on is Alpha and Omega Semiconductor (AOSL Quick QuoteAOSL - Free Report) . AOSL is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock is trading with a P/E ratio of 11.23, which compares to its industry's average of 18.32. Over the past 52 weeks, AOSL's Forward P/E has been as high as 16.12 and as low as 7.51, with a median of 10.97.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. AOSL has a P/S ratio of 1.96. This compares to its industry's average P/S of 3.25.

These are only a few of the key metrics included in Alpha and Omega Semiconductor's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, AOSL looks like an impressive value stock at the moment.