SAP Keeps Buyback Rolling as NetApp Talks and AI Restructuring Take Shape

SAP repurchased 590,000 shares on XETRA, bringing its program total to 8,895,886, as NetApp weighs deeper cloud integration and Q3 results loom.

SAP has added another 590,000 of its own shares to the pile, snapping them up on the XETRA electronic trading platform between September 21 and September 25. That brings the total repurchased under the current program to 8,895,886 shares as of that cut-off date. The steady cadence of buybacks is a familiar tool for tightening the capital structure, and management treats it as a vote of confidence in the company's longer-term earnings power.

The stock was holding at EUR 183.98 in pre-market trading, though it has shed 12% since the start of the year.

A Cloud Infrastructure Tie-Up Under Evaluation

While the capital markets work continues, SAP is also tending to its technology alliances. U.S. storage specialist NetApp is weighing a closer collaboration with the Walldorf-based software group, with the evaluation centered on deeper integration into SAP's in-house cloud infrastructure. No binding contract has been signed yet, but the discussions underscore SAP's ongoing effort to shore up its cloud-centered technology ecosystem.

The two companies are also preparing joint sales activities and closer coordination on cloud infrastructure, alongside work to embed security architectures for artificial intelligence so that automated agents can be audited inside enterprise systems.

Klein Flags AI as a Defining Growth Window

SAP is in the middle of a far-reaching transformation, and CEO Christian Klein has framed new artificial intelligence products as a historic growth opportunity for the software group. With potential productivity gains in view, he has said the workforce will be adjusted further to meet new requirements.

To soften that shift socially, management sealed a job-security agreement with the works council of the parent company running through the end of 2028. Under the deal, SAP commits to offering affected employees alternative positions during reorganizations, enabling retraining, and keeping salary levels intact when staff are reassigned. A comparable arrangement for the German sales unit was still being prepared.

Chart Picture Holds Above the Long-Term Trend

From a technical standpoint, the shares are consolidating on firm ground. The stock ended last Friday at EUR 184.70, leaving it 11% above its 200-day moving average of EUR 166.31 — a sign the title remains above its long-term trend line at the mid-year mark. Whether that support holds will hinge largely on how the core metrics land at the upcoming earnings release.

October 21 Print Looms Large

Attention is now shifting toward the operating business. On October 21, SAP will publish its financial results for the third quarter of 2026. The numbers should shed light on how the migration of the customer base into the cloud has progressed and how demand for enterprise software developed over the quarter.

Market watchers will be looking in particular at how strongly cloud revenue grows and what progress management can show on integrating modern AI solutions into existing platforms. SAP also hopes to generate fresh momentum from the gradual modernization of its customer relationships, with a system designed to capture and track feedback more transparently so that development cycles align more closely with user requirements.