Frankfurt, Feb 1, 2026, 21:09 CET — The market has closed.
- After plunging the day before, SAP shares bounced back Friday, closing up 3.6% at 170.56 euros
- Investors remain fixated on cloud growth indicators, with particular attention to the “current cloud backlog”
- Upcoming catalysts are SAP’s Integrated Report on Feb. 26 and Q1 earnings on April 23
SAP shares ended Friday 3.6% higher at 170.56 euros, recovering slightly following a sharp 16% drop the previous day. Trading volume dropped to around 5.3 million shares from about 15.8 million on Thursday, according to price data. (Yahoo Finance)
European markets are closed for the weekend, leaving Monday to reveal whether Friday marked a bottom or merely a breather. This isn’t just about one company—SAP’s recent action has been shaping sentiment across software and large-cap tech stocks in the region.
The late-week slide came after SAP’s results and guidance failed to ease concerns over cloud growth. The company predicted cloud revenue growth of 23% to 25% in 2026, but warned that “current cloud backlog” growth would slow down following a 25% rise in 2025. This backlog reflects contracted cloud revenue expected over the next year. JPMorgan noted investors were “zoomed in” on cloud backlog and revenue growth, while Citi analyst Balajee Tirupati said SAP “needed an all-round acceleration” to counter weak sentiment in the sector. Oddo BHF’s Nicolas David pointed to “overall distrust” in software stocks, saying: “you can’t miss by even the slightest portion.” Pressure from U.S. peers like ServiceNow and Salesforce added to the negative tone. (Reuters)
SAP’s own messaging was notably brighter. The company reported that cloud bookings boosted its total cloud backlog to a record €77 billion, with Business AI accounting for two-thirds of fourth-quarter cloud order intake. CEO Christian Klein described it as “a strong cloud quarter,” while CFO Dominik Asam said SAP “closed 2025 on a high note.” On top of that, SAP unveiled a fresh two-year share buyback plan, capping at €10 billion. (SAP News Center)
Despite Friday’s rebound, the share price remains well below levels seen before the guidance revision. The stock has once again turned into a headline risk, which usually triggers quick moves from fast money players once trading resumes.
Broker notes kept coming after the earnings. BMO Capital Markets lowered its price target on SAP’s U.S.-listed shares to $245 from $320 but maintained an outperform rating, according to a report on Yahoo Finance. (Yahoo Finance)
Bulls face the risk that the market continues to focus solely on cloud growth as the main metric. If major migration projects slow down or contracted revenue visibility remains patchy, the rebound might lose steam, pushing the stock back toward last week’s lows.
In the coming week, traders will be closely parsing any updates on cloud demand, pricing, and deal timing—even brief remarks from management or clients could move the needle. Buybacks might provide some support, but that hinges on the growth debate easing up.
SAP has its sights set on key dates ahead: the Integrated Report 2025 drops on Feb. 26, followed by first-quarter results due April 23. Both could shift market expectations once more, according to the company’s investor calendar. (SAP)
