There’s been no shortage of analysis on the incredible run that tech stocks have had this year, and despite a few volatile patches recently, the sector is dominating Wall Street in 2017. Nevertheless, some of this performance seems to be in defiance of the market’s traditional methods for determining value.

Indeed, the greater tech sector has always been considered to be more risky than the tried-and-true blue chips, but things have started to change in recent years. For better or worse, investors are quick to disregard old-school methods like the P/E ratio in favor of heavy optimism about the future.

It’s the reason that Tesla TSLA continues to climb despite disappointing earnings reports, and it’s why Amazon AMZN has become one of 2017’s hottest stocks—even with its “F” grade for Value in our Style Scores system.

According to our Zacks Sector Rank data, the broad “Computer and Technology” sector has an average P/E ratio of 23.53, which is significantly “worse” than the S&P 500 average of 18.92. Of course, a lot of this comes with the territory. Tech companies are exposed to unique risks, and the sector is more likely to house younger companies with little-or-no profits.

Regardless, the P/E ratio has not been completely forgotten. In fact, some tech stocks are still sporting strong P/Es. Check these three out:

1.       Avid Technology (AVID)

Avid Technology is a designer of several software applications that are widely used in the professional video and audio industries. Over the trailing 12 months, Avid’s P/E ratio has come out to just 4.6. However, projections for sluggish sales and plummeting earnings have caused its Forward P/E to reach 15.97, and that could worsen if the company doesn’t turn things around soon. Avid missed the Zacks Consensus Estimate by 60% last quarter, posting a surprise loss in the process, so this stock’s P/E history doesn’t necessarily make it attractive to all investors.

2.       Intel Corporation (INTC)

Intel is the world’s largest semiconductor manufacturer and one of the more reliable clue chips in the tech sector. The company’s trailing 12-month P/E is an impressive 12.00, and its Forward P/E currently stands at 11.90. In fact, Intel seems to be pretty fundamentally sound across the board. Not only does the stock currently sport an “A” grade in our Value category, but it has also earned “A” grades for Growth and Momentum. With semiconductors remaining a hot pick for investors, Intel is poised to remain a major force in the industry for years to come.

3.       TiVo Corporation (TIVO)

Known for revolutionizing TV-DVR technology, TiVo now primarily works through licensing its intellectual property to others in the tech space. The company’s trailing 12-month P/E ratio is just 10.74, which is significantly lower than the sector average. Although the brand name has lost some of its luster, the company is expected to post sales growth of nearly 30% this year, and the stock currently has a Zacks Rank #1 (Strong Buy).

Want more market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!

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