SAP slides as investors continue to digest softer 2026 cloud signals and follow-on analyst resets

SAP SE (SAP) is down 4.1% today. Here is some analysis on what might have caused this price movement.

Analysis: The drop appears tied to continued aftershocks from SAP’s late-January results, when investors focused on a softer-than-expected 2026 cloud outlook and signs that cloud backlog growth could cool. Ongoing price-target cuts/downgrades and positioning shifts after that reset may be keeping pressure on the shares.

Details:

SAP’s late-January update highlighted 2026 cloud revenue growth expectations and commentary that cloud backlog growth would slightly decelerate versus 2025, which triggered a sharp valuation reset for the stock.

In the weeks that followed, multiple firms adjusted ratings and/or targets, citing the backlog/guidance setup and a more cautious near-term cloud trajectory versus prior expectations.

SAP also communicated shareholder-return items for fiscal 2025 (including a proposed dividend), but the market’s focus has remained on forward cloud growth and conversion momentum rather than near-term capital returns.

This could also be amplified by broader risk-off trading in large-cap software, where high-multiple names tend to see outsized moves when growth expectations are trimmed.

Sources:

Reuters, SAP News Center, Investing.com

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 431 institutional investors add shares of $SAP stock to their portfolio, and 572 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

HARDING LOEVNER LP removed 1,913,444 shares (-83.2%) from their portfolio in Q4 2025, for an estimated $464,794,682
D. E. SHAW & CO., INC. added 1,380,047 shares (+149.8%) to their portfolio in Q4 2025, for an estimated $335,227,216
EAGLE CAPITAL MANAGEMENT LLC added 1,130,878 shares (+37.5%) to their portfolio in Q4 2025, for an estimated $274,701,574
MACQUARIE GROUP LTD removed 995,327 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $241,774,881
MORGAN STANLEY removed 849,746 shares (-18.8%) from their portfolio in Q4 2025, for an estimated $206,411,800
M&T BANK CORP added 768,725 shares (+1582.7%) to their portfolio in Q4 2025, for an estimated $186,730,989
CITIGROUP INC removed 555,068 shares (-92.6%) from their portfolio in Q4 2025, for an estimated $134,831,567

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

$SAP Government Contracts

We have seen $32,792,220 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:

DEFENSE COMMISSARY AGENCY (DECA) ELECTRONIC BUSINESS SYSTEM DELIVERY ORDER UNDER SAP NATIONAL SECURITY SERV...: $12,499,997
E-GOVERNMENT TRAVEL SERVICES: $3,633,454
SAP MAXSECURE SUPPORT SERVICES: $3,493,803
IGF::CT::IGF - TRAVEL MANAGEMENT SERVICES: $1,853,222
CONCURGOV TRAVEL SYSTEM SUPPORT ETS2 TASK ORDER: $1,814,914

To track government contracts to publicy traded companies, check out Quiver Quantitative's government contracts dashboard.

$SAP Congressional Stock Trading

Members of Congress have traded $SAP stock 8 times in the past 6 months. Of those trades, 3 have been purchases and 5 have been sales.

Here’s a breakdown of recent trading of $SAP stock by members of Congress over the last 6 months:

REPRESENTATIVE GILBERT RAY CISNEROS, JR. has traded it 2 times. They made 1 purchase worth up to $15,000 on 10/21 and 1 sale worth up to $15,000 on 11/07.
REPRESENTATIVE LISA C. MCCLAIN has traded it 5 times. They made 2 purchases worth up to $30,000 on 10/30, 09/25 and 3 sales worth up to $45,000 on 10/31, 10/30, 10/14.
REPRESENTATIVE VAL T. HOYLE sold up to $15,000 on 09/23.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.

$SAP Analyst Ratings

Wall Street analysts have issued reports on $SAP in the last several months. We have seen 3 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Scotiabank issued a "Sector Outperform" rating on 11/10/2025
Argus Research issued a "Buy" rating on 10/24/2025
Barclays issued a "Overweight" rating on 10/24/2025

To track analyst ratings and price targets for $SAP, check out Quiver Quantitative's $SAP forecast page.

$SAP Price Targets

Multiple analysts have issued price targets for $SAP recently. We have seen 6 analysts offer price targets for $SAP in the last 6 months, with a median target of $320.0.

Here are some recent targets:

John Zamparo from Scotiabank set a target price of $49.0 on 02/13/2026
Joseph Bonner from Argus Research set a target price of $320.0 on 10/24/2025
Raimo Lenschow from Barclays set a target price of $348.0 on 10/24/2025
Patrick Walravens from JMP Securities set a target price of $375.0 on 10/23/2025
Keith Bachman from BMO Capital set a target price of $320.0 on 10/23/2025
Michael Van Aelst from TD Cowen set a target price of $38.0 on 10/09/2025

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.