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.

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 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 company value investors might notice is Progress Software (PRGS Quick QuotePRGS - Free Report) . PRGS is currently sporting a Zacks Rank #2 (Buy) and an A for Value.

Investors should also recognize that PRGS has a P/B ratio of 4. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 6.66. Over the past year, PRGS's P/B has been as high as 7.05 and as low as 3.95, with a median of 5.89.

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 preferred metric because revenue can't really be manipulated, so sales are often a truer performance indicator. PRGS has a P/S ratio of 1.29. This compares to its industry's average P/S of 3.76.

Finally, investors will want to recognize that PRGS has a P/CF ratio of 9.86. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 16.46. PRGS's P/CF has been as high as 18.02 and as low as 9.74, with a median of 14.83, all within the past year.

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