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Here's one of the cheapest stocks in the market: Money manager

Yacktman Asset Management's Jason Subotky says he's found one of the cheapest stocks in the market.

Cisco Systems, the technology bellwether that trades at 15 times earnings, represents the best value play in its sector, the portfolio manager told CNBC on Friday. And while investors flee high-flying tech stocks such as Netflix, Cisco seems even more attractive, he said.

"Cisco is one of the cheapest technology stocks out there," Subotky said on "Squawk Box." "It's actually one the cheapest stocks out there."

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Cisco sells for about a third of its all-time highs, he said. It has a solid balance sheet and massive product portfolio, Subotky said. Above all else, the price looks right.

Cisco was part of Subotky's three stock picks in the "Squawk Box" Platinum Portfolio, a collection of investment ideas from top money managers. He also named 21st Century Fox and Procter & Gamble as stocks that show long-term promise.

"These stocks are even cheaper than they look," Subotky said. "We like stocks that start out cheap. It's all about the price in investing."

Read MoreWhat stocks are hot? Top picks from CNBC guests...

Disclosure:

Subotky and his family own shares in all three companies.

—By CNBC's Jeff Morganteen

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