Image source: Getty Images See all posts by Zaven Boyrazian Zaven Boyrazian owns shares in Zoom Video Communications. The Motley Fool UK has recommended LoopUp Group. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Our 6 ‘Best Buys Now’ Shares Cheap shares: 1 tech stock I think can double my money! Zaven Boyrazian | Thursday, 3rd December, 2020 | More on: LOOP Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. “This Stock Could Be Like Buying Amazon in 1997” Cheap shares are hard to come by, but this tech stock is looking like a bargain to me. Why is that? Well, it’s all about the changing world we live in.The pandemic has created a semi-permanent shift in the average working lifestyle. Due to safety concerns, many employees are now working from home. Yes, the announcement of multiple vaccines means the pandemic may be over soon. However, an estimated 25%-30% of people will continue working from home even after Covid-19 becomes a chapter in the history books.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…That actually makes a lot of sense from a business point of view. Many employees can do their job as effectively from home. In that case, there’s no need to spend money renting costly offices.Video conferencing tech stocks in the pandemicTech stocks like Zoom Video Communications have flourished under current market conditions. The sudden need for remote working solutions resulted in a mass migration to such platforms, allowing the company to grow extra fast.Zoom’s share price has risen by over 440% since the start of the year. Needless to say, it has been an excellent year for existing shareholders. But with such rapid growth, comes an absurdly high valuation. The P/E ratio is currently over 300. To put that in perspective, the historical market average P/E ratio is around 15.But Zoom isn’t the only player in the space, and that’s where the cheap shares of LoopUp Group (LSE:LOOP) come in.Much like Zoom, LoopUp offers a video conferencing platform to businesses. Unlike Zoom though, the firm is specifically targeting the professional services (PS) market. This includes the legal, financial, and client-led business sectors. The market niche is undoubtedly smaller than the overall mass market. But, as a result, it’s facing far fewer direct competitors.What’s going on with the share price?I’ve previously discussed how I think LoopUp can succeed in this market space. Since that article, the shares haven’t done very well, falling by nearly 55%.The catalyst behind this decline is a trading update in which earnings guidance was lowered for the year. As previously mentioned, the business primarily focuses on the PS market. But it does still offer some legacy products for the mass market, despite transitioning out of that segment.Covid-19 boosted the demand for these legacy products. Unfortunately, they’re very similar to what Zoom offers at a lower price. Thus, in an attempt to retain customers, LoopUp had to lower its fees, and with it, earnings expectations declined.Are they cheap shares or a value trap?The legacy product problem is a little concerning. It demonstrates the lack of pricing power the firm has over the mass market. Furthermore, I think this also may have further contributed to the rapid decline in the share price.However, don’t forget that the core focus of LoopUp is not the mass consumer market. A closer look at the results showed some rather superb performances elsewhere. Total PS-based minute volumes were up 43%, with a 56% increase in average minutes-per-user.Overall, the tech stock is expecting 18% growth in total revenue and 134% in underlying profits for 2020. Based on these figures, the shares look incredibly cheap to me at a forecast P/E ratio of around 3. Enter Your Email Address I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Simply click below to discover how you can take advantage of this.