Every week, Tracey Ryniec, the editor of Zacks Value Investor portfolio, shares some of her top value investing tips and stock picks.

Technology stocks are soaring and are again the darlings of Wall Street.

Many are complaining that tech is overvalued and too hot to handle. We know the stocks that are soaring, such as Zoom Video.

But are there any value stocks in the technology sector?

Screening for Tech Values

It’s pretty easy to find technology stocks as you can screen using Zacks Sectors for Computer & Technology.

Adding a Zacks Rank of #1 (Strong Buy) and #2 (Buy) hopefully will provide companies with rising earnings estimates.

To find value, Tracey screened with a P/E under 20.

That screen returned just 29 stocks.

There is value after all.

But to get companies with growth, you can screen with the PEG ratio, instead of the P/E ratio.

This was a much narrower screen which resulted in just 8 companies with value PEG ratios under 1.0.

5 Cheap Tech Stocks Right Now

1.       Microchip Technology (MCHP - Free Report) is a leading provider of smart, connected and secure embedded control solutions. On June 2, it updated its financial outlook for the fiscal first quarter which ends on June 31 and said it was seeing better-than-expected sales. It raised its quarterly sales outlook. Shares are up 54% over the last 3 months but are still down 3% on the year. The company is trading with a forward P/E of 18.2.

2.       Amkor Technology (AMKR - Free Report) is in outsourced semiconductor packaging and tech services. Earnings are expected to rise 25% in 2020 despite the pandemic. Impressive. Shares are up 71% in the last 3 months but are still down 8.2% year-to-date. It has a forward P/E of 17.6.

3.       CommScope (COMM - Free Report) is a global leader in infrastructure solutions for communications networks including broadband. Shares are down 40% year-to-date, although they’re off their coronavirus lows. It’s cheap, with a forward P/E of just 7.3.

4.       Dropbox (DBX - Free Report) which operates a global collaboration platform is expected to grow earnings by 52% in 2020 as sales are forecast to jump 13.7%. That’s impressive during a pandemic. It has a PEG ratio of just 0.96. A PEG ratio under 1.0 usually indicates a company is undervalued.

5.       Celestica (CLS - Free Report) is a Canadian leader in design, manufacturing and supply chain solutions. It’s a small cap with a market cap of just $826 million. Earnings are expected to rise 14.8% in 2020. Shares have been hot over the last 3 months, soaring 127%. But they still trade with a forward P/E of just 10.7.