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.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

One company value investors might notice is Progyny (PGNY Quick QuotePGNY - Free Report) . PGNY is currently sporting a Zacks Rank #2 (Buy), as well as a Value grade of A. The stock holds a P/E ratio of 12.02, while its industry has an average P/E of 16.17. Over the past year, PGNY's Forward P/E has been as high as 14.50 and as low as 8.81, with a median of 12.68.

We also note that PGNY holds a PEG ratio of 0.72. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. PGNY's PEG compares to its industry's average PEG of 1.12. Over the past 52 weeks, PGNY's PEG has been as high as 0.94 and as low as 0.50, with a median of 0.78.

These are only a few of the key metrics included in Progyny'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, PGNY looks like an impressive value stock at the moment.