The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader 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.

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 to watch right now is Avid Technology (AVID). AVID is currently holding a Zacks Rank of #1 (Strong Buy) and a Value grade of A. The stock is trading with P/E ratio of 11.32 right now. For comparison, its industry sports an average P/E of 26.91. Over the past year, AVID's Forward P/E has been as high as 187.67 and as low as 6.05, with a median of 33.03.

Investors should also note that AVID holds a PEG ratio of 1.13. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. AVID's PEG compares to its industry's average PEG of 2.17. Over the last 12 months, AVID's PEG has been as high as 3.04 and as low as 0.61, with a median of 0.73.

These are just a handful of the figures considered in Avid Technology'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 AVID is an impressive value stock right now.

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