Growth stocks tend to be exciting: The companies behind them are typically expanding their revenues at a relatively rapid clip, with the stock shares following suit. But there's a problem -- growth stocks are not always attractively valued. If you buy one when it's overvalued, it stands a decent chance of declining in the near term.

So you might want to consider being more of a value investor, seeking terrific undervalued stocks. Better still, you might look for fast-growing companies with undervalued shares. If you find them, you'll end up with stocks that reflect both growth and value.

Here are three stocks that seem meaningfully undervalued, and each of them could be considered a growth stock, as well. They're solid candidates if you have $5,000 to spend -- and even if you have $1,000 or $50,000 to spend. 

1. Meta Platforms

Meta Platforms (META -0.52%) is the company you might know as Facebook, but it changed its name in 2021 to reflect the scope of its operations and ambitions beyond its original social media platform. Its social media operations are rather enormous, though, with nearly 3 billion monthly active users and nearly 2 billion daily active users for Facebook alone. When you add in its other platforms -- which include Instagram, Messenger, and WhatsApp -- it has close to 3 billion daily active users.

Meanwhile, according to the company, "Meta is moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology," -- thus its other main division, "Reality Labs." So far, it's far from a big money-making enterprise, but management has high hopes for it. The company is also chasing additional profits from expanded e-commerce operations, greater use of artificial intelligence for driving content recommendations, and its answer to TikTok videos -- reels.

So why might Meta Platforms be a value stock? Well, its recent performances have disappointed investors, and their responses to its results, along with the overall market downturn, have sent its shares down by nearly 60% from their 52-week high. Now, they trade at a forward price-to-earnings ratio of 14, well below their five-year average of 27. This could be a great buying opportunity for long-term believers in Mark Zuckerberg and his business.

2. ServiceNow

ServiceNow (NOW 0.72%), has a market cap of more than $90 billion, but its shares have fallen this year to about 36% below their 52-week high. The software-as-a-service company describes itself like this: "Our cloud‑based platform and solutions help digitize and unify organizations so that they can find smarter, faster, better ways to make work flow" and so "employees and customers can be more connected, more innovative, and more agile."

Its second quarter featured subscription revenue of $1.7 billion, up 25% year over year, and total revenue of $1.8 billion, up 24%. Subscription income can be a big plus for a business, as it tends to keep recurring regularly, making it easier for management to plan. The company also noted: "ServiceNow continues to expand its global footprint with more than 100 customers now paying over $10 million in annual contract value in Q2 2022, up more than 50% year‑over‑year."

Clearly, this is an attractive business -- and it's trading at attractive levels, too, with a recent forward-price-to-earnings ratio of 52, well below its five-year average of 80.

3. ASML Holding

Netherlands-based ASML Holding (ASML -1.03%) is, in its own words, "a leading supplier to the semiconductor industry. The company provides chipmakers with hardware, software and services to mass produce the patterns of integrated circuits (microchips). Together with its partners, ASML drives the advancement of more affordable, more powerful, more energy-efficient microchips." Its market cap recently was near $185 billion, and it employs some 35,000 people.

The company's second-quarter report was a bit of a mixed bag. On the one hand, it booked a record level of new orders and the company's backlog of orders stands at around 33 billion euros -- reflecting great demand for its products. On the other hand, the company (like many others) is being pressured by supply chain issues and inflation. In response, management has reduced its expectations for revenue growth and profitability.

Its shares, meanwhile, were recently down some 47% from their 52-week high. Yes, it's facing some headwinds, but these headwinds are not likely to last forever. The stock's recent price-to-cash-flow ratio was recently 20, well below its five-year average of 37, suggesting undervaluation. At this level, it should draw the attention of investors.

These are just a few of the many compellingly valued stocks out there now, and plenty of these businesses have been growing at a rapid clip, too. Take a closer look at any that interest you to see if they seem worthy of a berth in your long-term portfolio.