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 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.

Yelp (YELP) is a stock many investors are watching right now. YELP is currently sporting a Zacks Rank of #1 (Strong Buy), as well as a Value grade of A. The stock is trading with P/E ratio of 16.43 right now. For comparison, its industry sports an average P/E of 21.59. Over the past year, YELP's Forward P/E has been as high as 35.07 and as low as 16.07, with a median of 22.99.

YELP is also sporting a PEG ratio of 0.64. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. YELP's PEG compares to its industry's average PEG of 1.49. Over the past 52 weeks, YELP's PEG has been as high as 0.69 and as low as 0.62, with a median of 0.67.

Another notable valuation metric for YELP is its P/B ratio of 3.14. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 5.93. Over the past year, YELP's P/B has been as high as 4.48 and as low as 3.04, with a median of 3.50.

Finally, investors will want to recognize that YELP has a P/CF ratio of 10.91. 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. YELP's P/CF compares to its industry's average P/CF of 37.09. Over the past year, YELP's P/CF has been as high as 19.74 and as low as 10.44, with a median of 13.99.

These are just a handful of the figures considered in Yelp'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 YELP is an impressive value stock right now.