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Interested in adding some growth to your portfolio? For a closer look at a few interesting stocks from the tech sector, 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 then screened for those with bullish sentiment from institutional investors as well, 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.

For an interactive version of this chart, click on the image below. Analyst ratings sourced from Zacks Investment Research.

(click to enlarge)

Tool provided by Kapitall (www.kapitall.com).

Do you think these stocks will outperform like the smart money expects? Use this list as a starting point for your own analysis.

List sorted by PEG. List Average 1-Year Return: 27%.

1. Cray Inc. (CRAY): Engages in the design, development, manufacture, marketing, and service of high-performance computing (HPC) systems, known as supercomputers. Market cap at $471.14M, most recent closing price at $12.25. PEG at 0.14. Net institutional purchases in the current quarter at 2.4M shares, which represents about 6.94% of the company's float of 34.60M shares.

2. 8x8 Inc. (EGHT): Develops and markets telecommunications services for Internet protocol (IP), telephony, and video applications, as well as provides Web-based conferencing and unified communications services. Market cap at $454.98M, most recent closing price at $6.40. PEG at 0.3. Net institutional purchases in the current quarter at 3.2M shares, which represents about 5.28% of the company's float of 60.64M shares.

3. 21Vianet Group, Inc. (VNET): Provides carrier-neutral Internet data center services in China. Market cap at $605.83M, most recent closing price at $10.83. PEG at 0.44. Net institutional purchases in the current quarter at 2.5M shares, which represents about 7.72% of the company's float of 32.37M shares.

4. Travelzoo Inc. (TZOO): Travelzoo Inc., an Internet media company, publishes travel and entertainment offers from various travel and entertainment companies in North America and Europe. Market cap at $378.89M, most recent closing price at $23.74. PEG at 0.47. Net institutional purchases in the current quarter at 671.2K shares, which represents about 9.% of the company's float of 7.46M shares.

5. NetEase.com, Inc. (NTES): Engages in the development of applications, services, and other technologies for the Internet in China. Market cap at $6.58B, most recent closing price at $50.21. PEG at 0.71. Net institutional purchases in the current quarter at 3.3M shares, which represents about 5.14% of the company's float of 64.18M shares.

6. Netgear Inc. (NTGR): Designs, develops and markets networking products for home users and small businesses worldwide. Market cap at $1.48B, most recent closing price at $38.90. PEG at 0.78. Net institutional purchases in the current quarter at 4.2M shares, which represents about 11.28% of the company's float of 37.24M shares.

7. IPG Photonics Corporation (IPGP): IPG Photonics Corporation manufactures fiber lasers and amplifiers for use in a range of markets, such as materials processing, advanced technologies, telecommunications, and medical applications. Market cap at $3.29B, most recent closing price at $64.35. PEG at 0.92. Net institutional purchases in the current quarter at 4.2M shares, which represents about 10.28% of the company's float of 40.85M shares.

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

Source: 7 Undervalued Tech Stocks Being Snapped Up By Hedge Funds