SAP stock gains as analysts raise targets ahead of results

Published on 09/23/2026 at 13:28 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

SAP stock traded at EUR 184.11 on September 23, 2026, up 1.0 percent. Jefferies raised its target to EUR 220, while Q2 revenue rose 9.42 percent.

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SAP stock (ISIN DE0007164600) traded at EUR 184.11 on Xetra on September 23, 2026, up 1.0 percent, while the 52-week range stood at EUR 127.50 to EUR 244.30. The move followed fresh analyst support and leaves the shares 24.63 percent below the reported 52-week high.

Analysts lift targets ahead

According to Investing.com on September 23, 2026, Jefferies raised its target from EUR 210 to EUR 220 on September 22 and retained a Buy rating. The same report listed Citi at Buy with a EUR 215 target on September 22, while the average target from 28 analysts was EUR 209.81.

That target average sits EUR 25.70 above the September 23 Xetra price, a 13.96 percent difference. The range of views is wide: Ad-hoc-news.de reported on September 23 that Jefferies targeted EUR 220, whereas JPMorgan remained Neutral with a EUR 175 target.

Cloud backlog sets the test

The latest reported operating benchmark is SAP's second quarter of 2026. According to Ad-hoc-news.de, revenue rose 9.42 percent year over year to EUR 9.88 billion in Q2 2026, while earnings per share increased to EUR 1.89 from EUR 1.46. That is an increase of EUR 0.43, or 29.45 percent.

Current cloud backlog reached EUR 22.9 billion by the end of June 2026, up 27 percent year over year, and net income reached EUR 2.21 billion, more than a quarter above the prior-year level. The next concrete test arrives with SAP's third-quarter report on October 21, 2026, when cloud growth, margins and the outlook will be measured against the valuation.

Stock remains below yearly high

SAP's market capitalization was EUR 211.8 billion on September 23, 2026, according to the available Xetra market snapshot. The price remains below the EUR 244.30 52-week high despite the 1.0 percent intraday gain, keeping the gap between operating growth and valuation central to the debate.

According to Futunn.com on September 23, 2026, analysts expect third-quarter current cloud backlog growth of 25 percent, compared with 26 percent in Q2 2026 and a 24 percent consensus estimate. The forecast points to continued growth, but the October report must confirm it.

EUR 184.11 on Xetra

SAP stock stood at EUR 184.11 on Xetra as of September 23, 2026, with a daily change of plus 1.0 percent. The same dated market data showed a 52-week low of EUR 127.50, a 52-week high of EUR 244.30 and market capitalization of EUR 211.8 billion.