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, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

One company value investors might notice is Halozyme Therapeutics (HALO Quick QuoteHALO - Free Report) . HALO is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. HALO has a P/S ratio of 6.5. This compares to its industry's average P/S of 6.54.

Finally, investors will want to recognize that HALO has a P/CF ratio of 13.30. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 17.81. Within the past 12 months, HALO's P/CF has been as high as 19.84 and as low as 11.78, with a median of 14.60.

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