Technology stocks have pulled back sharply of late on concerns of overvaluation and rising inflation. The tech-heavy NASDAQ-100 Technology Sector Index has seen almost all its 2021 gains wiped out in recent weeks as investors have panicked and scrambled to book profits.

However, savvy investors should look for buying opportunities in such a scenario. That's because the market is known to correct substantially every 16 months on an average before shooting higher, and buying solid companies at great valuations during such a phase could lead to impressive long-term gains.

^NDXT Chart

^NDXT data by YCharts.

Cirrus Logic (CRUS -1.48%) and Marvell Technology Group (MRVL -4.77%) are two stocks worth buying right now, as they are not just cheap but are also enjoying terrific growth on the financial front. Let's see why these tech stocks deserve your attention.

1. Apple could supercharge Cirrus Logic once again in 2021

The success of Apple's (AAPL -1.22%) iPhone 12 lineup has given audio-chip supplier Cirrus Logic a big shot in the arm. The chipmaker recorded terrific sales and earnings growth last quarter as iPhone 12 demand exceeded expectations, helping Cirrus beat the higher end of its own revenue guidance range.

Apple accounted for 87% of Cirrus Logic's revenue last quarter. That's going to be a tailwind for the chipmaker in this era of 5G smartphones, which Apple is expected to dominate. There have been reports that Apple plans to substantially increase iPhone production in the first half of 2021 to satisfy the huge end-market demand.

And now, the latest supply chain gossip indicates that the 2021 iPhone model could be produced in bigger numbers than the iPhone 12. Daniel Ives of Wedbush estimates that Apple could place an initial order of 100 million units for the rumored iPhone 13, which would be a nice jump over the iPhone 12's initial build orders of 80 million units.

A green buy stock button on a keyboard.

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This suggests that Apple could be on track for multi-year growth in iPhone shipments. The tech giant is expected to ship close to 250 million units this year, and the stronger initial build estimate of this year's devices indicates that 2022 could be a better year. For comparison, Apple shipped 206 million iPhones last year, according to IDC.

Cirrus is one of the best bets to take advantage of this growth given its close ties with Apple. In fact, the potential success of Apple's 5G-enabled iPhones is already being factored into Cirrus' future earnings performance.

CRUS EPS Estimates for Current Fiscal Year Chart

CRUS EPS Estimates for Current Fiscal Year data by YCharts.

Analysts have hiked their earnings expectations this year, and that's not surprising given the way the new iPhones are dominating in the 5G space. That's why investors looking to buy a hot 5G stock at a cheap valuation shouldn't miss Cirrus Logic. The stock is trading at just 23 times trailing earnings, while a forward price-to-earnings (P/E) ratio of less than 16 means that big earnings growth is in the cards.

It is worth noting that Cirrus shares have rarely been this cheap over the past couple of years. The stock had an average P/E ratio of 42 in 2019 and 32 in 2020, making it an ideal bet for investors hunting for a mix of value and growth during this stock market correction.

2. Marvell Technology is switching into a higher gear

Marvell Technology Group stock trades at less than 21 times trailing earnings versus a five-year average multiple of over 43. This makes Marvell a great stock to buy right now because its revenue and earnings growth are about to switch into a higher gear, as evident from the company's latest results.

Marvell finished fiscal 2021 with $2.97 billion in revenue, up 10% from the prior year. Adjusted full-year earnings increased to $0.92 per share from $0.66 in fiscal 2020. The company's top line jumped 11% year over year in Q4 of fiscal 2021, while earnings rose from $0.17 per share a year ago to $0.29 last quarter.

Marvell's guidance suggests that it will step on the gas in the new fiscal year. The company anticipates $0.27 per share in adjusted earnings on $800 million in revenue this quarter, according to the midpoint of its guidance range. That would translate into revenue growth of over 15%, and a 50% increase in earnings per share compared to the prior-year period.

Analysts expect Marvell to sustain this impressive momentum for the remainder of the year, ending fiscal 2022 with 17% revenue growth and earnings of $1.38 per share. What's more, these numbers are expected to get better in the next fiscal year as well, with Marvell forecast to clock strong double-digit revenue and earnings increments.

The good part is that Marvell looks capable of achieving higher growth rates this year thanks to the businesses it is operating in. The company's networking segment, which produced 55% of total revenue last quarter, is benefiting from the rollout of 5G wireless networks and the growing demand for cloud computing.

The networking business recorded 22% revenue growth last year. It could do better this year thanks to Marvell's relationships with key original equipment manufacturers (OEMs) rolling out 5G network infrastructure. Nokia, for instance, is one of the companies using Marvell's 5G chips. It is expected to use more of the latter's content this year, as CEO Matt Murphy said on the latest earnings conference call:

And then we have our second customer, Nokia, which, this year, will be our first full year -- not even a full year. It's ramping this year into production with our baseband product. It will be a full year in '22. And then we have additional content with that customer, which was all publicly announced last year, that will start to phase in after that.

Marvell expects additional content from its other networking customer as well, probably pointing toward Samsung, which is procuring multiple generations of 5G baseband processors from the chipmaker.

In all, Marvell Technology has a lot going for it thanks to secular tailwinds in the networking business. Throw in an attractive valuation, and it becomes easy to see why Marvell Technology is a beaten-down stock worth buying right now, as its fortunes could turn around sooner than later.