On August 5, SAP SE rose 3.01% in regular trading, trading at $195.36 per share, with turnover of $441 million. The gain was driven by continued investor optimism surrounding SAP's strong cloud business performance in its most recent quarterly results.
SAP reported second-quarter cloud revenue growth of 22% year-over-year, with cloud backlog reaching €22.93 billion, up 27% year-over-year. Total quarterly revenue came in at €9.88 billion, up 9% year-over-year, while IFRS net income surged 26% to €2.21 billion. The robust cloud growth trajectory has sustained bullish sentiment over recent weeks, with shares rebounding more than 13% in the prior week alone.
Additional catalysts include the EU Commission concluding its antitrust investigation into SAP and management insider purchases providing further support. On the institutional side, HSBC raised its target price for SAP, while Barclays maintained its Overweight rating with a $242 price target. The stock continues its multi-week recovery as markets remain optimistic about SAP's cloud transformation outlook.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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