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Interested in technology stocks? Looking for undervalued stocks? Are you after stocks that analysts are calling 'buy' or 'strong buy'? We ran a screen you could find useful.

The Price/Sales ratio is a price-multiple valuation metric used to help identify if a firm is cheap by its twelve month trailing sales numbers. In the most basic terms, it lets an investor know how much the investment community is willing to pay for every dollars worth of sales. A firm with a P/S ratio of one or lower would be viewed as cheap because investors are paying $1 or less for every dollars worth of a firm's sales. On the other hand, a firm is generally considered to be expensive when the P/S ratio is above three. These are general guidelines used by the investment community not hard rules to be clear. Price/Sales Ratio = Current Stock Price/Revenue (sales) per Share.

The forward P/E is a price multiple valuation metric, which is similar to the current P/E ratio, except that it uses the forecasted earnings instead. While this number might not be as accurate because it uses "forecasted" numbers, it does offer the benefit of illustrating analysts' expectations of a firm. If the market believes that earnings will grow moving forward, then the forward P/E should be lower than the current P/E. Financial Leverage, also known as the Equity Multiplier, illustrates how a firm is financing its assets. The lower the number the more a firm is financing its assets internally through stockholder equity. The higher this metric is the more the firm is relying on debt to finance its assets.

We first looked for technology stocks. From here, we then looked for companies that are trading at a discount (P/S<1)(forward P/E<10). We next screened for businesses that analysts rate as "Buy" or "Strong Buy" (mean recommendation < 3). We did not screen out any market caps.

Do you think these stocks are at too low of valuations, given their fundamentals? Use our list along with your own analysis.

1) Amkor Technology, Inc. (NASDAQ:AMKR)

Sector:Technology
Industry:Semiconductor - Integrated Circuits
Market Cap:$743.84M
Beta:2.30

Amkor Technology, Inc. has a Price/Sales Ratio of 0.27 and Forward Price/Earnings Ratio of 4.97 and Analysts' Rating of 2.00. The short interest was 20.89% as of 05/21/2012. Amkor Technology, Inc. provides outsourced semiconductor packaging and test services in the United States and internationally. It offers package formats and services using wirebonding and flip chip interconnect technologies that connect the die to the package carrier. The company's package carriers include leadframe packages that utilize metal and place the electrical interconnect leads to the system board around the perimeter of the package; substrate packages, which utilize a laminate as the package carrier; and wafer-level packages.

2) API Technologies Corp. (NASDAQ:ATNY)

Sector:Technology
Industry:Semiconductor - Broad Line
Market Cap:$188.78M
Beta:1.72

API Technologies Corp. has a Price/Sales Ratio of 0.77 and Forward Price/Earnings Ratio of 7.84 and Analysts' Rating of 1.50. The short interest was 0.24% as of 05/21/2012. API Technologies Corp. designs, develops, and manufactures electronic systems, subsystems, RF/microwave, secure systems, and information assurance products and solutions for defense, aerospace, and commercial applications. The company provides RF, microwave, and millimeterwave solutions; high speed surface mount circuit card assembly for military prime contractors; and advanced weapon systems, including missiles, counter-IED RF jamming devices, and unmanned air, ground, and robotic systems. It also offers naval aircraft landing and launching systems, radar systems alteration, aircraft ground support equipment, aircraft radar indication systems, and other mission critical systems and components.

3) Advanced Micro Devices, Inc. (NYSE:AMD)

Sector:Technology
Industry:Semiconductor - Broad Line
Market Cap:$4.42B
Beta:2.26

Advanced Micro Devices, Inc. has a Price/Sales Ratio of 0.68 and Forward Price/Earnings Ratio of 7.08 and Analysts' Rating of 2.50. The short interest was 10.06% as of 05/21/2012. Advanced Micro Devices, Inc. operates as a semiconductor company worldwide. The company designs, develops, and sells microprocessor products, such as central processing unit (CPU) and accelerated processing unit (NYSE:APU) for servers, desktop personal computers (PCS), and mobile devices. Its microprocessors for server platforms include AMD Opteron 6200 series and AMD Opteron 4200 series processors; CPUs for mobile PC platforms comprise AMD Phenom II Dual-Core Mobile, AMD Phenom II Triple-Core, AMD Phenom II Quad-Core Mobile, AMD Turion X2 Mobile, AMD Turion II Mobile, AMD Turion II Ultra Mobile, AMD Turion Neo X2 Mobile, AMD Athlon II, AMD Athlon II Neo, AMD Athlon Neo X2 Dual-Core, and Mobile AMD Sempron processors; APUs for desktop PC platforms consist primarily of the AMD A Series Llano' and the E-Series Zacate'; and CPUs for desktop PC platforms include AMD FX, AMD Phenom II, AMD Athlon II, and AMD Sempron processors.

4) Black Box Corp. (NASDAQ:BBOX)

Sector:Technology
Industry:Networking & Communication Devices
Market Cap:$384.21M
Beta:1.11

Black Box Corp. has a Price/Sales Ratio of 0.35 and Forward Price/Earnings Ratio of 7.11 and Analysts' Rating of 2.00. The short interest was 2.32% as of 05/21/2012. Black Box Corporation provides network infrastructure services for communications systems worldwide. Its services include design, installation, integration, monitoring, and maintenance of voice, data, and integrated communications systems. The company also offers voice communications solutions, technology product solutions, premises cabling, and other data-related services, as well as provides technical support services for its solutions, which include hotline services, consultation, site surveys, design and engineering, project management, single-site and multi-site installations, remote monitoring, and certification and maintenance of voice, data, and integrated communication solutions. It sells its products and services to small organizations, corporations, and institutions through its catalogs, on-site services offices, and Internet Web site.

*Company profiles were sourced from Finviz. Financial data was sourced from Yahoo Finance.

Source: 4 Undervalued Technology Stocks Rated Buy Or Better