Shares of tech value darlings Apple (AAPL - Free Report) and Cisco (CSCO - Free Report) surged on Monday as the sector looks to rebound from one of its toughest trading weeks of the year. And now, with volatility looming over the entire market, stable behemoths like these two companies might garner more attention if growth investors look to take profits from previously high-flying stocks.

Apple and Cisco are, of course, not perfectly comparable stocks, but both are dominant forces in their respective industries. Apple is basically the global leader in consumer electronics, while Cisco leads the worldwide enterprise IT business.

Still, these two firms seem to attract similar types of investors—those looking for financially sound, dividend-paying tech stocks that fit best in buy-and-hold portfolios. But these investors are also looking to build diverse holdings, so they might not have room for two stocks that accomplish the same goal. So which of these companies is the better buy right now? Let’s take a closer look.

Valuation

Traditional value investors love to look at the price-to-earnings ratio to determine great buying opportunities. After all, buying a stock makes one a partial owner of that company, so investors are inherently interested in profitability.

With that said, here is a look at the Forward P/E trend for AAPL and CSCO over the past year:

There are a couple of things to note here. First of all, AAPL was consistently trading at a slight premium to CSCO until about six months ago, when the latter began to see its valuation surge well beyond that of the former. This suggests that investors have been more excited about Cisco recently.

Still, if one’s primary value strategy is to find stocks that are undervalued versus their broader sector, both of these companies look like solid options right now. In fact, our “Computer and Technology” sector is trading with an average Forward P/E of about 18.7, so AAPL and CSCO are both trading at discounts.

Performance

Value investors should also be interested in a stock’s recent price performance. For instance, if a stock has sold off significantly, its lower valuation might speak to a greater problem that has forced investors to flee.

Check out how AAPL and CSCO have performed since this time last year:

As we can see, Cisco has outpaced Apple over the past few months. This helps explain why its valuation has surged within the same timeframe, but given the fact that CSCO still looks undervalued compared to the broader tech market, its stronger momentum is probably more attractive right now.

Zacks Rank

We have proven that both of these stocks are intriguing picks, but the best value opportunities are undervalued companies that are also sporting strong Zacks Ranks. In this case, Cisco and its Zacks Rank #2 (Buy) have another edge over Apple, which is currently sporting a Zacks Rank #3 (Hold).

The proven Zacks Rank system puts an emphasis on earnings estimates and estimate revisions. Within the past 60 days, we have seen 13 revisions to CSCO’s full-year earnings estimates, with 100% agreement to the upside. The Zacks Consensus Estimate for the company’s EPS has gained 11 cents over that time.

This improving analyst sentiment, on top of Cisco’s attractive valuation and solid momentum, make CSCO look very interesting right now.