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Do you like to look for underestimated and potentially undervalued stocks? For ideas on how to start your own value stock search, we ran a screen.

We began by screening the tech sector for stocks that appear undervalued relative to earnings growth, with PEG below 1. We also screened for those that are technically oversold, with relative strength index ratings over the last 14 days below 40.

We then screened these names for those with bullish sentiment from institutional investors, with significant net institutional purchases over the last quarter representing at least 5% of share float. This indicates that institutional investors such as hedge fund managers and mutual fund managers expect these names to outperform.

Interactive Chart: Press Play to compare changes in market cap over the last two years for the stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.

We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month. To access a complete analysis of this list's recent performance, click here.

Do you think these stocks should be trading higher? Use this list as a starting point for your own analysis.

List sorted by net institutional purchases over the last quarter as a percent of share float.

1. VimpelCom Ltd. (NASDAQ:VIP): Operates as an integrated telecommunications services provider, offering voice and data services through a range of wireless, fixed, and broadband technologies. Market cap at $12.78B, most recent closing price at $9.68. PEG at 0.58. RSI(14) at 27.83. Net institutional purchases in the current quarter at 37.1M shares, which represents about 16.77% of the company's float of 221.28M shares.

2. Nanometrics Incorporated (NASDAQ:NANO): Provides high-performance process control metrology systems used primarily in the fabrication of semiconductors, high-brightness LEDs, data storage devices, and solar photovoltaics. Market cap at $343.07M, most recent closing price at $14.32. PEG at 0.8. RSI(14) at 26.31. Net institutional purchases in the current quarter at 2.6M shares, which represents about 13.51% of the company's float of 19.24M shares.

3. Silicon Motion Technology Corp. (NASDAQ:SIMO): Operates as a fabless semiconductor company. Market cap at $449.1M, most recent closing price at $14.30. PEG at 0.75. RSI(14) at 29.54. Net institutional purchases in the current quarter at 3.1M shares, which represents about 10.73% of the company's float of 28.88M shares.

4. SanDisk Corp. (NASDAQ:SNDK): Designs, develops, manufactures, and markets NAND-based flash data storage card products that are used in various consumer electronics products. Market cap at $8.88B, most recent closing price at $36.27. PEG at 0.68. RSI(14) at 26.32. Net institutional purchases in the current quarter at 18.2M shares, which represents about 7.62% of the company's float of 238.98M shares.

5. CEVA Inc. (NASDAQ:CEVA): Engages in designing and licensing silicon intellectual property for the handsets, portable multimedia, and consumer electronics markets. Market cap at $402.58M, most recent closing price at $17.16. PEG at 0.77. RSI(14) at 29.06. Net institutional purchases in the current quarter at 1.3M shares, which represents about 5.66% of the company's float of 22.98M shares.

*Institutional data sourced from Fidelity, all other data sourced from Finviz.

Source: 5 Undervalued And Oversold Tech Stocks Being Bought Up By Hedge Funds