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SAP jumps after strong Q3 cloud growth and improved 2026 revenue outlook

Investivoq PriceTracker

SAP (SAP) is up 6.1% today. Here is some analysis on what might have caused this price movement.

Analysis: The move appears tied to a strong third-quarter report that showed faster cloud growth, a bigger cloud backlog, and better profitability. Investors also seem to be reacting to SAP pushing its 2026 cloud revenue and cloud-and-software revenue expectations toward the upper end of its prior ranges, which signals continued demand strength.

Details:

  • SAP said current cloud backlog reached about €24.1 billion in Q3, up 26% at constant currencies, giving investors a key forward-looking sign that subscription demand remains solid.
  • Cloud revenue rose 25% at constant currencies, while Cloud ERP Suite revenue grew 28% at constant currencies, suggesting the company is still converting customers toward higher-value cloud products.
  • Total quarterly revenue topped €10 billion for the first time, and non-IFRS operating profit exceeded €3 billion, reinforcing the view that growth and cost discipline are improving at the same time.
  • Management updated its 2026 outlook to the upper end of its cloud revenue and cloud-and-software revenue ranges, which likely added to optimism. This could also reflect confidence that newer AI-related offerings are helping support customer spending.

    • Sources:

    SAP Investor Relations, SEC, Visible Alpha

    Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

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    $SAP Hedge Fund Activity

    We have seen 452 institutional investors add shares of $SAP stock to their portfolio, and 376 decrease their positions in their most recent quarter.

    Here are some of the largest recent moves:

    • FMR LLC removed 4,589,157 shares (-69.7%) from their portfolio in Q2 2026, for an estimated $707,234,985
    • GOLDMAN SACHS GROUP INC added 2,722,711 shares (+82.5%) to their portfolio in Q2 2026, for an estimated $419,596,992
    • HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC added 2,252,410 shares (+878.1%) to their portfolio in Q2 2026, for an estimated $347,118,905
    • MORGAN STANLEY added 1,860,094 shares (+51.4%) to their portfolio in Q2 2026, for an estimated $286,659,086
    • WINDACRE PARTNERSHIP LLC added 1,637,175 shares (+59.3%) to their portfolio in Q2 2026, for an estimated $252,305,039
    • QUADRATURE CAPITAL LTD removed 994,344 shares (-86.7%) from their portfolio in Q2 2026, for an estimated $153,238,353
    • D. E. SHAW & CO., INC. removed 850,926 shares (-37.0%) from their portfolio in Q2 2026, for an estimated $131,136,205

    To track hedge funds' stock portfolios, check out Investivoq's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Investivoq API 13F endpoint.

    $SAP Government Contracts

    We have seen $51,423,227 of award payments to $SAP over the last year.

    Here are some of the awards which we have have seen pay out the most over the last year:

    • SAP MAXSECURE SUPPORT SERVICES: $5,993,250
    • E-GOVERNMENT TRAVEL SERVICES: $3,294,273
    • IGF::OT::IGF - E-GOVERNMENT TRAVEL AND SUPPORT SERVICES UNDER THE ETS2 MASTER CONTRACT (GS-33F-Y0026) FOR D...: $1,868,840
    • IGF::CT::IGF - TRAVEL MANAGEMENT SERVICES: $1,718,579
    • CONCURGOV TRAVEL SYSTEM SUPPORT ETS2 TASK ORDER: $1,513,382

    To track government contracts to publicy traded companies, check out Investivoq's government contracts dashboard. You can access data on government contracts through the Investivoq API government contracts endpoint.

    $SAP Price Targets

    Multiple analysts have issued price targets for $SAP recently. We have seen 2 analysts offer price targets for $SAP in the last 6 months, with a median target of $153.5.

    Here are some recent targets:

    • Irene Nattel from RBC Capital set a target price of $50.0 on 06/05/2026
    • Raimo Lenschow from Barclays set a target price of $257.0 on 04/27/2026

    This article is not financial advice. See Investivoq's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.