Frankfurt, Feb 8, 2026, 22:01 CET — Market closed.
- SAP finished the day in Frankfurt at 171.22 euros, ticking up 0.4%.
- SAP’s stake in its own stock climbed past the 5% mark, according to a regulatory filing.
- Software stocks have been on a bumpy ride lately, and investors are eyeing Monday for any fresh details on buyback activity.
SAP SE (SAPG.DE) said its stake in its own shares ticked up to 5.0254%, crossing a disclosure threshold on Feb. 5, according to a filing. Shares finished Friday at 171.22 euros on Xetra, gaining 0.43% on the session but still almost 18% lower for the year. 1
Frankfurt’s out of the picture for the weekend, so attention shifts to Monday: does the filing signal real buy-side appetite, or is it just another line of paperwork? The stock, still looking for footing after that steep post-results drop, waits for a cue.
One figure keeps drawing traders’ attention: current cloud backlog. That’s SAP’s own label for the cloud contract value likely to turn into revenue within 12 months. For the stock, it’s become a quick read on growth momentum.
SAP kicked off the first leg of its buyback plan—up to 10 billion euros total, running through Dec. 31, 2027—saying purchases can commence Feb. 5 and must wrap by July 27 at the latest. The company earmarked as much as 2.6 billion euros for buying shares on Xetra this round. There’s a pause lined up around its annual shareholder meeting. SAP will publish details of each transaction no later than seven trading days after execution. 2
SAP now projects 2026 cloud revenue will land between 25.8 billion and 26.2 billion euros, measured at constant currencies. Free cash flow is forecast at roughly 10 billion euros. The company also expects current cloud backlog growth to “slightly decelerate” in 2026, noting that some bigger contracts ramp up later and include termination clauses that could shave down backlog figures. 3
SAP tumbled roughly 15% on Jan. 29, notching its sharpest single-day slide since 2020, after the company’s 2026 cloud revenue outlook came in below what analysts had anticipated, according to Reuters. Citi’s Balajee Tirupati said SAP “needed an all-round acceleration”, while Oddo BHF’s Nicolas David cautioned, “In the current context you can’t miss by even the slightest portion.” Shares of Dassault Systemes and Sage also lost ground that day. U.S. software stocks declined, too. 4
The mood hasn’t helped matters. Reuters flagged that global software names took a hit this month, dragged lower by worries that rapidly advancing AI tools might muscle in on the sector’s juiciest margins. At one point, roughly $830 billion in market cap vanished after Jan. 28. Ocean Park Asset Management CIO James St. Aubin called it “an awakening” to how disruptive AI could be. 5
SAP’s ADRs in the U.S. climbed roughly 3% to $203.34 in after-hours action Friday, market data showed. That easily topped the stock’s smaller advance in Frankfurt, setting up a focus on whether momentum carries over when Europe’s markets open.
On Monday, traders are set to scrutinize the initial batch of buyback disclosures for any clues on how aggressively and at what prices companies are stepping in. Another thing on the radar: possible new details—or even hints—about timelines for “sovereign cloud” deals with government and defence customers.
Still, a buyback has its limits if the growth story falters. Should backlog growth fall short of SAP’s targets—or if the AI-fueled selloff in software makes a comeback—the stock might slide again, heading for the lows it saw after those late-January numbers.
SAP has its Integrated Report 2025 due out on Feb. 26. After that, first-quarter numbers hit on April 23, then the virtual annual shareholder meeting lands May 5. These dates could shape how the shares trade heading into spring. 6
