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Investors interested in Internet - Software stocks are likely familiar with F5 Networks (FFIV) and BlackLine (BL). But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.

We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.

Currently, both F5 Networks and BlackLine are holding a Zacks Rank of # 2 (Buy). The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that both of these companies have improving earnings outlooks. But this is just one factor that value investors are interested in.

Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.

Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.

FFIV currently has a forward P/E ratio of 15.15, while BL has a forward P/E of 30.78. We also note that FFIV has a PEG ratio of 2.14. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. BL currently has a PEG ratio of 5.60.

Another notable valuation metric for FFIV is its P/B ratio of 3.93. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, BL has a P/B of 14.87.

These metrics, and several others, help FFIV earn a Value grade of B, while BL has been given a Value grade of C.

Both FFIV and BL are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that FFIV is the superior value option right now.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.