SAP stock falls 1.51 percent ahead of October 21 results

Published on 10/04/2026 at 11:48 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

SAP stock fell 1.51 percent to EUR 183.92 on October 2, 2026, while the 52-week range runs to EUR 244.30. SAP reports Q2 cloud backlog growth of 27 percent.

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SAP stock (ISIN DE0007164600) fell 1.51 percent to EUR 183.92 on Xetra at the October 2, 2026 close. The next checkpoint is October 21, 2026, when SAP is scheduled to publish its Q3 2026 results, according to SAP.

Cloud backlog sets the benchmark

In its Q2 and half-year 2026 update dated July 23, 2026, SAP reported a current cloud backlog of EUR 22.9 billion, up 27 percent year over year. Cloud revenue increased 22 percent, while total revenue rose 9 percent and IFRS operating profit advanced 8 percent in the same quarter.

That mix gives the October results a clear test: SAP must convert backlog growth into reported cloud revenue while absorbing the dilutive impact of the Dremio and Prior Labs acquisitions reflected in its 2026 non-IFRS operating profit outlook.

Analysts see room above EUR 200

Jefferies raised its SAP price target from EUR 210 to EUR 220 and kept its Buy rating on September 22, 2026, according to finanzen.net. The research note cited expectations for a less eventful third quarter and robust order intake.

A broader view published by Börse Express showed four houses in its comparison, with two Buy, two Hold and zero Sell ratings and a 12-month consensus target of EUR 205.00. The same report said SAP had bought back 8,305,886 shares through September 18, 2026.

SAP stock stays below its yearly high

SAP stock closed at EUR 183.92 on Xetra on October 2, 2026, with a 52-week range of EUR 127.50 to EUR 244.30. The distance from the yearly high keeps the upcoming Q3 report central to the valuation debate, while the latest cloud backlog figure provides the operating benchmark.