Shannon Saccocia just took a position in Intuit stock: here’s why

Intuit Inc (NASDAQ: INTU) has done quite well over the past four months but Shannon Saccocia is convinced that it’s still not too late to build a position in this name.

Saccocia’s bull case for Intuit stock

On Friday, the Chief Investment Officer of SVB Private revealed to have bought shares of the financial software company that she says is relatively more insulated from a recession.

In February, the Nasdaq-listed firm reported its financial results for the second quarter that came in well above the analysts’ estimates. Versus its low in early November, Intuit stock is currently up close to 15%.

Why else did she buy Intuit stock?

Saccocia likes Intuit also for its push into artificial intelligence and is convinced that it’s a name that has potential to see continued margin expansion moving forward. On CNBC’s “Halftime Report”, Saccocia noted:

Interestingly, she trimmed her stake in both Apple Inc and Microsoft Corporation as she bought Intuit stock. Her constructive view is in line with Wall Street that also currently has a consensus “overweight” rating on this tech stock.

Last week, the California-based company said Sandeep Aujla will assume the role of its Chief Financial Officer on August 1^st. Aujla is currently its SVP of Finance.