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

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.

$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 Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative 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 Quiver Quantitative's government contracts dashboard. You can access data on government contracts through the Quiver Quantitative 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 Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.