While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

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.

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 Magic Software (MGIC Quick QuoteMGIC - Free Report) . MGIC is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock holds a P/E ratio of 16.69, while its industry has an average P/E of 30.56. Over the past 52 weeks, MGIC's Forward P/E has been as high as 17.04 and as low as 9.26, with a median of 14.55.

Finally, our model also underscores that MGIC has a P/CF ratio of 15.63. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. MGIC's current P/CF looks attractive when compared to its industry's average P/CF of 19.97. Over the past year, MGIC's P/CF has been as high as 16.44 and as low as 9.15, with a median of 13.87.

These are just a handful of the figures considered in Magic Software's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that MGIC is an impressive value stock right now.