Four tech stocks that could have hidden values

Big cap tech may be pricier than the broader market, but analysts say investors can still find hidden value in the sector.

The S&P Technology sector is up nearly 12 percent this year, placing it near the top of all major industry sectors.

The sector currently trades at 18 times trailing earnings, slightly higher than the 17.5 multiple of the overall S&P 500. Some investors say this makes tech an especially attractive investment right now.

"If you look at the tech industry as a whole an as investment area, it's a pretty attractive prize," Wells Capital Management's Jim Paulsen said.

Trailing P/E
MU Micron Technology, Inc. 10.7
IBM International Business Machines Corporation 12.1
HPQ Hewlett-Packard Company 12.2
WU Western Union Company 12.3
STX Seagate Technology PLC 13
VRSN VeriSign, Inc. 13.4
CA CA, Inc. 14.2
XRX Xerox Corporation 14.4
FSLR First Solar, Inc. 15.5
AAPL Apple Inc. 15.7
CSC Computer Sciences Corporation 16
ORCL Oracle Corporation 16.8
MSFT Microsoft Corporation 16.8
INTC Intel Corporation 16.9
MSI Motorola Solutions, Inc. 16.9
HRS Harris Corporation 17.1
CSCO Cisco Systems, Inc. 17.5
ACN Accenture Plc 17.9
Source: CNBC Analytics
Forward P/E
HPQ Hewlett-Packard Company 9.1
MU Micron Technology, Inc. 9.7
IBM International Business Machines Corporation 10.2
STX Seagate Technology PLC 11
CA CA, Inc. 11.3
XRX Xerox Corporation 11.3
WU Western Union Company 11.6
CSCO Cisco Systems, Inc. 12
WDC Western Digital Corporation 12
SYMC Symantec Corporation 12.2
NTAP NetApp, Inc. 12.5
ORCL Oracle Corporation 12.6
JBL Jabil Circuit, Inc. 13.1
JNPR Juniper Networks, Inc. 13.6
CSC Computer Sciences Corporation 13.8
GLW Corning Incorporated 13.8
AAPL Apple Inc. 13.9
BRCM Broadcom Corporation Class A 13.9
EMC EMC Corporation 14
TDC Teradata Corporation 14.3
QCOM QUALCOMM Incorporated 14.5
HRS Harris Corporation 14.7
SNDK SanDisk Corporation 14.9
LRCX Lam Research Corporation 14.9
TSS Total System Services, Inc. 15.4
AVGO Avago Technologies Limited 15.4
MSFT Microsoft Corporation 15.6
INTC Intel Corporation 15.6
TEL TE Connectivity Ltd. 15.7
Source: CNBC Analytics

Paulsen said he sees growth opportunities in the tech sector because there is evidence of a pickup in capital spending.

"I think you can buy this stuff at the market price with already above-average sustained growth that's probably understated if everyone comes to agreement that cap spending has started again," he said.

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So where can investors find value in the tech sector? There are 18 stocks in the S&P 500 Information Technology sector that trade at a price-to-earnings ratio below 18. Among those stocks are a few standouts with positive price performance.

Micron Technology trades at only 11 times earnings but its price has increased more than 57 percent year to date. The semiconductor company has consistently reported revenue growth that exceeds the industry's average, and maintains a majority "buy" rating by analysts on FactSet. The average price target for Micron is $38.65, a 13 percent increase from its current value.

First Solar is also viewed as another possible value play. The solar company trades at a little over 15 times trailing earnings and 16 times forward earnings. The stock has remained a standout in the crowded solar space, up 15 percent this year. Analysts remain mostly bullish on First Solar, projecting a 5 percent increase in the stock price according to FactSet.

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Another tech winner has been Cisco Systems, up 15 percent. The networking equipment maker has a steady valuation of 17 times trailing earnings and 12 times forward earnings. CEO John Chambers has expanded the company's presence into cybersecurity and cloud computing over the past decade. Still, analysts remain uncertain whether the growth will continue with average price targets on par with Cisco's trading price right now.

Hewlett Packard rounds out the list of possible value plays in tech. HP trades at around 12 times earnings, one of the lowest ratios in the tech sector overall. The stock has been an investor favorite after bottoming out last year, up nearly 25 percent year to date. Some investors say the turnaround is underway with Meg Whitman at the helm, who is now chairwoman as well as CEO.

—By CNBC's Elizabeth Schulze and Dominic Chu. Giovanny Moreano contributed to this report.