The pool of available value stocks dramatically increased over the last year. Many growth stocks have taken a big hit this year, changing the category they fall into. Some of the most prominent growth stocks from 2021 now trade deep in bear market territory.

Investors should also note the S&P 500 is attempting to return to bull market territory in recent trading sessions. This could bode well for value stocks such as Alphabet (GOOGL 0.93%) (GOOG 0.92%), Qualcomm (QCOM -1.14%), and Target (TGT -2.43%).

If you've got $5,000 available that isn't needed to pay bills, bolster an emergency fund, or reduce short-term debt, you might want to buy and hold one (or all) of these three value stocks.

1. Alphabet

The parent company of Google may not seem like a value stock. Its Google search engine and Android OS touch billions of users every day. And its role in pioneering digital advertising helped make it one of the largest companies currently trading on the stock market.

The extent of its success manifested a need for a 20-for-1 stock split this year, making whole shares more affordable within a $5,000 budget. Still, Alphabet's place in the tech industry did not stop its stock from falling by almost 35% over the last year. And at 19 times earnings, its P/E ratio has just bounced back from a multiyear low.

Admittedly, the sluggish economy slowed ad spending, which dramatically slowed growth. In the third quarter of 2022, its revenue grew only 6% year over year to $69 billion. In Q3 2021, revenue surged by 41% year over year. Net income for Q3 2022 also fell by 26% as the company spent heavily on research and development and general and administrative expenses.

Nonetheless, Google Cloud's revenue rose by 38% year over year in Q3, and Alphabet's $116 billion in liquidity makes it one of the safest investments. As advertising recovers and Alphabet develops new sources of revenue, the Google parent should make a dramatic comeback.

2. Qualcomm

Much like Alphabet, Qualcomm does not seem like an obvious value stock. As the longtime leader in the smartphone chipset market, investors might assume its stock would trade at a premium.

But Qualcomm lost around one-third of its value over the last year. And its lead in the 5G market has not stopped the P/E ratio from dropping to 11.

Qualcomm has not entirely escaped the conditions of the overall economy. Growth at the consumer-oriented company slowed despite the upgrade to 5G. Also, the company predicted a "low-double-digit" percentage decline for handsets in 2022. Handsets accounted for approximately two-thirds of Qualcomm's revenue in the latest quarter.

But even with the slowing growth, in the fiscal fourth quarter (which ended Sept. 25), revenue increased by 22% year over year to just over $11 billion. And non-GAAP (adjusted) net income increased by the same percentage to $3.5 billion. Moreover, Qualcomm has diversified into areas such as automotive and the Internet of Things. Revenue for those segments increased year over year by 58% and 24%, respectively.

Although the near term seems uncertain, smartphone upgrades should continue, and its other segments have shown early signs of success. Considering those gains, Qualcomm stock may not remain this cheap for long.

3. Target

Sluggish sales growth has also hit major retailers such as Target. The company's 50-state footprint and "upscale discount" approach helped it succeed despite competition from the likes of Walmart and Amazon.

However, the stock fell by more than 35% over the last 12 months. And even though its P/E ratio of 18 is the lowest among the major nationwide retailers, Target did not escaped economic challenges.

Earlier in the year, over-ordering led to excess inventories. In Q3, rapid expense growth hammered the bottom line. Although revenue of $27 billion represented 3% year-over-year growth, higher expenses reduced profits by 52% to $712 million.

But despite that disappointment, Target's "stores within a store" continue to perform well. Ulta Beauty at Target tripled its total sales volume over the last year. Target's struggles also did not prevent a 20% dividend hike earlier in the year. At $4.32 per share annually, the dividend yields about 2.7%. Given Target's 51-year streak of annual payout hikes, investors will likely continue to benefit from rising dividends.

Such attributes should carry Target through its temporary challenges, making its stock a smart buy over the long haul.