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, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

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 stock to keep an eye on is Perion Network (PERI Quick QuotePERI - Free Report) . PERI is currently sporting a Zacks Rank of #1 (Strong Buy) and an A for Value. The stock is trading with a P/E ratio of 13.21, which compares to its industry's average of 22.42. Over the last 12 months, PERI's Forward P/E has been as high as 14.13 and as low as 2.87, with a median of 6.38.

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 popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. PERI has a P/S ratio of 0.64. This compares to its industry's average P/S of 1.32.

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