SAP Buyback Tally Reaches 8.3 Million Shares as Two Brokerages Lift Price Targets

Jefferies lifted its SAP price target to EUR 220 and Bank of America to EUR 226, as SAP's 2026 buyback reached 8,305,886 shares by September 18.

SAP is heading toward the close of its reporting period with a pair of fresh analyst endorsements, a steadily advancing share repurchase program, and a chart position that sits comfortably above its longer-term trend line.

The Walldorf-based software group closed Friday's session at EUR 185.06, a level that puts it roughly 11% above its 200-day moving average of EUR 166.95. That gap suggests the broader uptrend has held firm despite the swings the stock has absorbed over the course of the year.

Jefferies and Bank of America Both Turn More Constructive

Jefferies analyst Charles Brennan raised his price target on Tuesday to EUR 220 from EUR 210 while keeping a "Buy" rating on the shares. His reasoning rests on expectations of a solid order intake for the third quarter of 2026.

Bank of America had already moved in the same direction. According to media reports, the US bank lifted its target to EUR 226 on September 21, reaffirming its buy recommendation after surveying IT decision-makers across Europe and the United States. The poll found that many companies intend to keep their software budgets steady even in the current environment, and the bank also revised its earnings estimates upward.

The dual upgrades reflect a shared view that demand for enterprise software remains resilient, with large corporate clients continuing to fund digital modernization of their core systems.

Repurchases Roll On Through Mid-September

Supporting the stock from the corporate side, SAP bought back 50,000 of its own shares between September 14 and 18 through the Xetra trading platform, according to the company's eighth interim disclosure on the buyback. That brings the cumulative total repurchased under the 2026 program to 8,305,886 shares as of that date.

Buybacks of this kind shrink the number of shares freely trading in the market and signal management's confidence in the company's financial strength.

New Partnerships Extend the Operating Footprint

On the business development front, SAP disclosed a new agreement with Colombina on September 18 aimed at speeding up delivery processes and improving operational reliability. The partner is also laying the groundwork for deploying artificial intelligence on top of SAP's software — a project the group cites as evidence that customers continue to digitize their core operations on Walldorf platforms.

SAP is also deepening its reach into complex industrial applications. Together with Wipro Limited and Aramco, the company is launching Wipro-STO360, a solution designed to manage shutdowns, turnarounds, and outages at large-scale plants, cutting operational interruptions and making maintenance workflows more efficient.

What Investors Are Watching Next

Attention now shifts to the end of the quarter, when the numbers will show whether the anticipated order momentum and the various modernization initiatives actually feed through to the financial statements. How large customers translate their stated spending intentions into signed contracts is likely to shape the stock's direction in the months ahead.