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Are you interested in technology stocks that are set to grow over the next year? Would you be more interested if you could get those stocks for a discount? For ideas on how to start your search, we ran a screen you may find helpful.

The Price/Earnings ratio is one of the most commonly used price-multiple metrics. Often, EPS from the last four quarters is used to derive this number. A firm that has a high P/E ratio generally indicates that investors have high expectations of the firm relative to future earnings growth. By the opposite token, investors generally have lower expectations of a firm with a low P/E ratio. A firm that holds a P/E below 10 could be viewed as having "value investment" potential. One thing to remember is that EPS is an accounting measure that could be potentially manipulated. Thus the P/E is only as good as the quality of the earnings.

The Price/Book Value Ratio is a great price-multiple valuation metric to find companies that could be potentially undervalued or overvalued. If a firm has a Price/Book Value Ratio of less than 1 it is stated to be trading below "break up" value. A lower P/BV Ratio can indicate a potentially mispriced company or indicate that something is fundamentally wrong with it.

EPS growth (earnings per share growth) illustrates the growth of earnings per share over time. The 1-Year Expected EPS Growth Rate is an annual growth estimate, where the growth projections are made by analysts, the company or other credible sources.

We first looked for technology stocks. We then screened for businesses that appear undervalued from a price-multiple perspective (P/E<10)(P/BV<1). We then screened for businesses that are considered high-growth, with 1-year projected EPS growth above 25%. We did not screen out any market caps.

Do you think these stocks have strong fundamentals? Use our list to help with your own analysis.

1) Oplink Communications Inc. (NASDAQ:OPLK)

Sector:Technology
Industry:Semiconductor - Integrated Circuits
Market Cap:$246.45M
Beta:1.49

Oplink Communications Inc. has a Price/Earnings Ratio of 9.58, a Price/Book Value Ratio of 0.88, and a 1-Year Projected Earnings Per Share Growth Rate of 64.71%. The short interest was 3.67% as of 06/11/2012. Oplink Communications, Inc., together with its subsidiaries, designs, manufactures, and sells optical networking components and subsystems worldwide. The company's products are used to expand optical bandwidth, amplify optical signals, monitor and protect wavelength performance, redirect light signals, ensure signal connectivity, and provide signal transmission and reception within an optical network. It offers bandwidth creation products, such as wavelength expansion products comprising dense wavelength division multiplexers (DWDM), coarse wavelength division multiplexers, band wavelength division multiplexers, and DWDM interleavers; and optical amplification products consisting of gain blocks, erbium doped fiber amplifiers, wavelength division multiplexers pump/signal combiners, integrated hybrid components, WDM pump combiners, polarization beam combiners, gain flattening filters isolators, isolators, and tap couplers.

2) SunPower Corporation (NASDAQ:SPWR)

Sector:Technology
Industry:Semiconductor - Specialized
Market Cap:$401.26M
Beta:-

SunPower Corporation has a Price/Earnings Ratio of 7.20, a Price/Book Value Ratio of 0.41, and a 1-Year Projected Earnings Per Share Growth Rate of 536.40%. The short interest was 8.25% as of 06/11/2012. SunPower Corporation, an integrated solar products and services company, designs, manufactures, and delivers solar electric systems for residential, commercial, and utility-scale power plant customers worldwide. It operates in two segments, Utility and Power Plants, and Residential and Commercial. The Utility and Power Plants segment engages in the development and sale of power plant projects, as well as provides turn-key engineering, procurement, and construction (EPC) services for power plant construction; and power plant operations and maintenance (O&M) services.

3) Harmonic Inc. (NASDAQ:HLIT)

Sector:Technology
Industry:Communication Equipment
Market Cap:$490.27M
Beta:1.45

Harmonic Inc. has a Price/Earnings Ratio of 3.79, a Price/Book Value Ratio of 0.87, and a 1-Year Projected Earnings Per Share Growth Rate of 41.94%. The short interest was 2.86% as of 06/11/2012. Harmonic Inc. designs, manufactures, and sells video infrastructure products and system solutions to create, prepare, and deliver a range of video services for television and media platforms in the united States and internationally. Its products include video production platforms and playout solutions, such as video servers used by broadcasters, content owners, and multi-channel network operators to create and play-to-air television channels; video-optimized storage, which provides storage capacity and access bandwidth to support media production applications comprising video editing, content transformation, and media library management; and media applications that provide media integrated management and workflow control over content stored on its systems. The company offers video processing products, including broadcast encoders; contribution and distribution encoders; stream processing and statistical multiplexing solutions; content preparation and delivery for multi-screen applications; decoders and descramblers; and management and control software.

4) Orbotech Ltd. (NASDAQ:ORBK)

Sector:Technology
Industry:Diversified Electronics
Market Cap:$412.38M
Beta:1.47

Orbotech Ltd. has a Price/Earnings Ratio of 7.90, a Price/Book Value Ratio of 0.83, and a 1-Year Projected Earnings Per Share Growth Rate of 35.92%. The short interest was 0.35% as of 06/11/2012. Orbotech Ltd. engages in designing, developing, manufacturing, marketing, and servicing yield-enhancing and production solutions for specialized applications in the supply chain of the electronics industry. The company's products include automated optical inspection (AOI), automated optical repair, laser direct imaging, digital legend printing, laser drilling, laser plotters, computer-aided manufacturing, and engineering solutions for printed circuit boards (PCBS) and other electronics component manufacturing; and AOI, test, repair, and process monitoring systems for flat panel display (FPD) manufacturing. It also develops and markets character recognition solutions and services primarily to banks, financial institutions, and other payment processing institutions for use in check and healthcare payment processing.

5) Integrated Silicon Solution Inc. (NASDAQ:ISSI)

Sector:Technology
Industry:Semiconductor- Memory Chips
Market Cap:$247.70M
Beta:2.03

Integrated Silicon Solution Inc. has a Price/Earnings Ratio of 5.10, a Price/Book Value Ratio of 0.99, and a 1-Year Projected Earnings Per Share Growth Rate of 39.36%. The short interest was 3.61% as of 06/11/2012. Integrated Silicon Solution, Inc., a fabless semiconductor company, designs and markets integrated circuits for digital consumer electronics, networking, telecommunications, mobile communications, automotive electronics, and industrial, military, and medical markets. Its primary products include low and medium density DRAM; and high speed and low power SRAM. The company's low and medium density DRAM products are used in wireless local area networks (WLANs), base stations, networking switches and routers, fiber to the home (FTTH), DSL and cable modems, set top boxes, digital cameras, MP3, flat panel TVs, LCD TVs, HDTVs, video phones, voice over Internet protocol, printers, disk drives, tape drives, audio/video equipment, instrumentation, global positioning systems (GPS), telematics, infotainment, smart meters, and other applications.

6) Alcatel-Lucent, S.A. (NYSE:ALU)

Sector:Technology
Industry:Communication Equipment
Market Cap:$3.66B
Beta:2.35

Alcatel-Lucent, S.A. has a Price/Earnings Ratio of 7.48, a Price/Book Value Ratio of 0.66, and a 1-Year Projected Earnings Per Share Growth Rate of 29.41%. The short interest was 0.79% as of 06/11/2012. Alcatel-Lucent provides networking and communications technology, products, and services to service providers, enterprises, and governments worldwide. Its Networks segment designs Internet protocol (IP)/multiprotocol label switching service routers, carrier Ethernet service switches, multi-service wide-area-network switches, and content delivery network appliances; designs, manufactures, and markets microwave wireless transmission equipment and optical networking equipment; offers wireless products for 2G, 3G, and 4G networks to mobile operators; and designs and develops IP multimedia subsystem products and IP-based fixed access products. The company's Software, Services and Solutions segment specializes in the consulting, planning, design integration and optimization, and operations management and maintenance of multi-vendor telecommunications networks, as well as in the design, delivery, and operation of network-based software solutions. This segment also develops and sells communication products and solutions that help customers transit to next generation voice, video, and messaging communications services; mobile commerce applications; payment and charging applications, including real-time rating, charging, billing, and payment applications for voice and data services; customer experience applications that enable communication providers to offer, activate, support, and manage a range of high-speed Internet, VoIP, video, mobile, and converged services; an open API platform, which allows developers to collaborate, build, test, and distribute new applications for service provider networks; and CloudBand solution that allows service providers to deliver cloud services to their customers. The company's Enterprise segment offers unified communication and collaboration applications, communications platforms and telephony solutions, and project management and professional services.

7) AXT Inc. (NASDAQ:AXTI)

Sector:Technology
Industry:Semiconductor - Integrated Circuits
Market Cap:$121.85M
Beta:1.78

AXT Inc. has a Price/Earnings Ratio of 7.11, a Price/Book Value Ratio of 0.86, and a 1-Year Projected Earnings Per Share Growth Rate of 55.17%. The short interest was 4.78% as of 06/11/2012. AXT, Inc., together with its subsidiaries, designs, develops, manufactures, and distributes compound and single element semiconductor substrates for use in wireless communications, lighting display applications, and fiber optic communications. It offers semi-insulating gallium arsenide substrates, which are used for applications in power amplifiers and radio frequency integrated circuits for wireless handsets; direct broadcast televisions; high-performance transistors; and satellite communications. The company also offers semi-conducting gallium arsenide substrates, which are used for applications in light emitting diodes, lasers, and optical couplers; substrates made from indium phosphide that are used in broadband and fiber optic communications; and substrates made from germanium, which are used in satellite and terrestrial solar cells, and optical applications.

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

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.