As the stock market stabilizes and inflation eases, it’s a prime moment to uncover undervalued and overlooked stocks with potential. Better, the recent market turbulence has pushed some stocks to lower levels, presenting an opportune time to acquire them at discounted prices. Of course, among the group of overlooked stocks with potential, many investors focus on are value traps. Or, companies that appear cheap, or attractive, based on where they previously traded. However, for various fundamental or accurate reasons, such stocks often continue lower as investors look to other alternatives in given sectors.

That said, there are certain companies I’d put in the overlooked stocks with potential bucket, particularly in sectors that haven’t benefited as much from certain growth trends such as AI right now. Here are three such overlooked stocks I think are worth considering right now.

Paychex (PAYX)

Paychex (NASDAQ:PAYX) is a software company specializing in HR services. Their offerings include payroll management, benefits administration, insurance services, and compliance support for businesses.

In addition, Paychex will increase its quarterly dividend by 13% to 89 cents per share, starting with the May 2023 payment. This move will result in a $1.2 billion dividend payout to shareholders for fiscal year 2023. The company refrains from buying back its stock unless it’s for dilution purposes, with $327.1 million remaining for repurchase from its $400 million authorization.

While PAYX stock has declined along with the broader market, there are factors to consider. For one, despite concerns of an economic slowdown, employment remains robust, with the U.S. unemployment rate at a low 3.5%. Two, labor demand remains high, and a temporary dip in economic output is unlikely to significantly impact the country’s favorable employment outlook. And three, the current price of PAYX presents an opportunity with a 2.8% dividend yield.

Intuit (INTU)

Next up, Intuit (NASDAQ:INTU) is a top player in financial software and services, known for TurboTax and QuickBooks. TurboTax is widely favored by U.S. consumers for tax preparation, while QuickBooks assists small businesses and self-employed individuals in managing income and expenses. With over 70% market share in both categories, Intuit maintains a dominant position.

Even better, Intuit expands its customer connections by providing additional services alongside its core products. Small businesses can benefit from Intuit’s payroll, payment processing, and marketing software, for example. This widens Intuit’s addressable market, estimated at $253 billion. In addition, while the company is facing increased competition in these sectors, Intuit’s established dominance in tax preparation and accounting software creates the potential for upselling to its existing user base.

Also, with substantial investments in artificial intelligence, the company revealed during its fiscal Q3 2023 earnings call that its platforms, such as Mailchimp and Credit Karma, generate a staggering 58 billion machine learning predictions each day. This AI integration enables Mailchimp users to enhance their email marketing campaigns and empowers Credit Karma to provide tailored credit strategies and product recommendations to users monitoring their credit ratings.

Workday (WDAY)

Workday (NASDAQ:WDAY) is a leading cloud-based software provider, offering businesses innovative solutions for human capital management, financial management, and analytics. In fact, the company’s cutting-edge cloud software empowers organizations to enhance workforce management, streamline financial processes, and make informed decisions.

In addition, Workday serves a significant number of Fortune 500 clients and recently surpassed 10,000 customers in Q4 2023. Also, with a 19.6% year-over-year revenue increase and a non-GAAP basic net income per share of $1.00, Workday expects a 20% CAGR with projected FY2024 revenue of $6.5 billion. Also, the company recognizes a substantial market opportunity, estimating HCM and finance sectors at $52 billion and $73 billion respectively. As organizations continue to modernize their HR and finance operations, Workday remains a top SaaS stock choice.

Despite macroeconomic uncertainty, Workday remains confident in its position as a preferred provider of finance and HR software for companies driving digital transformation. Here, too, the company’s investments in artificial intelligence and machine learning will further enhance its offerings and market presence when economic conditions improve.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.