Price-to-earnings ratio is the most commonly used investment metric. The assessment of relative changes in PE ratio over the course of time highlights the low and high multiples investors are willing to pay for the current and future earnings of a company. Most investors would like to compare the current PE of the company with its historical averages. Comparing a company's current P/E ratio with benchmarks such as its historical P/E average can help a value investor determine if the stock is cheap, fully valued or overpriced. We identified the top 6 Technology stocks in the S&P500 (NYSEARCA:SPY) trading below or near the average of their yearly low P/E for the last 5 years. These securities are pretty undervalued compared with other securities in this sector.

**Xerox Corp (NYSE:XRX):** Xerox Corporation is a global document management company that manufactures and sells a range of color and black-and-white printers, multifunction systems, photo copiers, digital production printing presses, and related consulting services and supplies. The stock has a Return on Assets (ROA) of 3.55% and a Return on Equity (ROE) of 8.97%. The company is trading with a Return on Invested Capital (ROIC) of 5.07%. The average of the minimum forward price-to-earnings multiples over the last 5 years for the company is 18.50 and the average price-to-earnings multiples in the same period is 24.63. The company is expected to grow at 6.85 % over the next 5 years. The stock is valued at $16.8 using the minimum earnings multiples and $22.4 using the average earnings multiples over the last 5 years. XRX is currently trading at $8.02, raising $0.06 or 0.75% this year.

**Yahoo Inc (NASDAQ:YHOO):** Yahoo! Inc., and its consolidated subsidiaries operate as a digital media company that delivers personalized digital content and experiences, across devices and worldwide. The company has a ROA of 7.4% and a ROE of 8.68%. The company is trading with a ROIC of 8.59%. The average of the minimum forward price-to-earnings multiples over the last 5 years for the company is 27.82 and the average price-to-earnings multiples in the same period is 39.52. The company is expected to grow at 10.10 % over the next 5 years. The company is valued at $21.6 using the minimum earnings multiples and $30.6 using the average earnings multiples over the last 5 years. YHOO is currently trading at $15.98, raising $0.06 or 0.75% this year.

**NetApp Inc (NASDAQ:NTAP):** NetApp, Inc. is a computer storage and data management company. The company has a portfolio of application, virtualization, cloud and service provider solutions. NTAP has a ROA of 8.28% and a ROE of 18.6%. NTAP is trading with a ROIC of 14.01%. The average of the minimum forward price-to-earnings multiples over the last 5 years for the company is 20.43 and the average price-to-earnings multiples in the same period is 34.00. The company is expected to grow at 14.04 % over the next 5 years. The company is valued at $53.9 using the minimum earnings multiples and $89.8 using the average earnings multiples over the last 5 years. NTAP is currently trading at $41.09, raising $4.83 or 13.32% this year.

**Google Inc (NASDAQ:GOOG):** Google Inc. is focused on improving the ways people connect with information. The company generates revenue primarily by delivering online advertising. It offers AdWords, an auction-based advertising program; AdSense program, which enables Web sites that are part of the Google Network to deliver ads from its AdWords advertisers. GOOG has a ROA of 14.93% and a ROE of 18.7%. The company is trading with a ROIC of 16.93%. The average of the minimum forward price-to-earnings multiples over the last 5 years for the company is 15.23 and the average price-to-earnings multiples in the same period is 20.78. The stock is expected to grow at 15.72 % over the next 5 years. The company is valued at $771.0 using the minimum earnings multiples and $1051.6 using the average earnings multiples over the last 5 years. GOOG is currently trading at $611.90, falling $33.65 or 5.21% this year.

**QUALCOMM Inc (NASDAQ:QCOM):** QUALCOMM Incorporated designs, manufactures and markets digital wireless telecommunications products and services based on its code division multiple access technology and other technologies. The company has a ROA of 13.04% and a ROE of 17.54%. The stock is trading with a ROIC of 16.87%. The average of the minimum forward price-to-earnings multiples over the last 5 years for the company is 17.24 and the average price-to-earnings multiples in the same period is 22.45. The company is expected to grow at 14.28 % over the next 5 years. The company is valued at $69.1 using the minimum earnings multiples and $89.9 using the average earnings multiples over the last 5 years. QCOM is currently trading at $61.90, raising $7.21 or 13.18% this year.

**Adobe Systems Inc (NASDAQ:ADBE):** Adobe Systems Incorporated operates as a diversified software company. It offers a line of creative, business, Web, and mobile software and services used by creative professionals, knowledge workers, developers, marketers, enterprises and consumers. The stock has a ROA of 9.72% and a ROE of 15.18%. ADBE is trading with a ROIC of 11.89%. The average of the minimum forward price-to-earnings multiples over the last 5 years for the company is 16.31 and the average price-to-earnings multiples in the same period is 23.72. ADBE is expected to grow at 9.04 % over the next 5 years. The stock is valued at $34.9 using the minimum earnings multiples and $50.8 using the average earnings multiples over the last 5 years. ADBE is currently trading at $32.65, raising $4.37 or 15.46% this year.

**Disclosure: **I am long YHOO.