TD Waterhouse Canada Inc. Cuts Stock Position in SAP SE $SAP

TD Waterhouse Canada Inc. decreased its stake in SAP SE (NYSE:SAP) by 42.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,450 shares of the software maker’s stock after selling 7,079 shares during the period. TD Waterhouse Canada Inc.’s holdings in SAP were worth $2,555,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of SAP by 59.0% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 34,046 shares of the software maker’s stock worth $10,353,000 after purchasing an additional 12,637 shares in the last quarter. AMF Tjanstepension AB lifted its holdings in SAP by 118.9% in the 3rd quarter. AMF Tjanstepension AB now owns 115,679 shares of the software maker’s stock worth $30,911,000 after buying an additional 62,842 shares in the last quarter. Cidel Asset Management Inc. boosted its position in SAP by 20.2% in the 2nd quarter. Cidel Asset Management Inc. now owns 127,005 shares of the software maker’s stock valued at $38,622,000 after buying an additional 21,372 shares during the last quarter. JARISLOWSKY FRASER Ltd increased its position in shares of SAP by 14.2% during the third quarter. JARISLOWSKY FRASER Ltd now owns 165,093 shares of the software maker’s stock worth $44,114,000 after acquiring an additional 20,512 shares during the last quarter. Finally, NWF Advisory Services Inc. acquired a new position in shares of SAP in the third quarter worth about $2,415,000.

SAP News Roundup

Here are the key news stories impacting SAP this week:

• Positive Sentiment: SAP announced a new share repurchase program of up to €10 billion, which supports capital return and offsets some downward pressure. SAP Quarterly Statement Q4 2025
• Positive Sentiment: Q4 results beat on EPS and met revenue expectations; non‑IFRS metrics and cloud revenue showed year‑over‑year gains, indicating underlying profitability and demand. SAP Q4 results (MarketBeat)
• Neutral Sentiment: SAP reported strong cloud bookings and a record backlog in absolute terms, but the market is focused on growth rates and composition rather than headline backlog size. That nuance left investors uncertain. SAP cloud bookings jump 30% (Investing.com)
• Negative Sentiment: The primary catalyst for the selloff was a slower‑than‑expected increase in the cloud contract backlog and conservative 2026 commentary — investors punished the stock with its largest one‑day drop since 2020. What Went Wrong With SAP Stock? (Forbes)
• Negative Sentiment: Sector peers’ results (and AI‑era competition) amplified fears that AI incumbents and niche cloud players could pressure SAP’s growth, contributing to broader software stock weakness. US software stocks slide after SAP, ServiceNow results (Reuters)
• Negative Sentiment: Negative headlines compounded the sentiment: Siemens briefly overtook SAP as Germany’s most valuable company after the selloff, and SAP faced an analyst downgrade — visible signals of waning investor confidence. Siemens overtakes SAP (Seeking Alpha)
• Negative Sentiment: Management dismissed three executives over alleged stolen trade secrets, adding governance/legal uncertainty to near‑term headlines. Stolen trade secrets / executive dismissals (Heise)

SAP Trading Up 0.4%

NYSE:SAP opened at $201.09 on Friday. The stock has a market cap of $245.96 billion, a price-to-earnings ratio of 28.52, a PEG ratio of 2.36 and a beta of 1.18. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.10 and a current ratio of 1.11. SAP SE has a 1 year low of $195.12 and a 1 year high of $313.28. The business has a fifty day moving average of $239.43 and a 200-day moving average of $259.95.

Analyst Ratings Changes

Several equities research analysts have issued reports on SAP shares. Arete Research upgraded SAP to a “strong-buy” rating in a report on Thursday, December 11th. Citizens Jmp lowered SAP from an “outperform” rating to a “market perform” rating in a research report on Friday. Jefferies Financial Group restated a “buy” rating on shares of SAP in a research note on Monday, October 27th. Morgan Stanley reissued an “overweight” rating on shares of SAP in a report on Friday, October 31st. Finally, JMP Securities reiterated a “market outperform” rating and set a $375.00 price objective on shares of SAP in a research note on Thursday, October 23rd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, SAP has a consensus rating of “Moderate Buy” and an average target price of $322.00.

About SAP

SAP SE is a global enterprise software company headquartered in Walldorf, Germany. Founded in 1972 by five former IBM engineers, the company’s name is an acronym for Systeme, Anwendungen und Produkte in der Datenverarbeitung (Systems, Applications & Products in Data Processing). SAP develops and sells software and services that help organizations manage business processes across finance, human resources, procurement, manufacturing, supply chain and customer relationships.

SAP’s product portfolio spans on‑premises and cloud offerings, anchored by its enterprise resource planning (ERP) solutions such as SAP S/4HANA and the SAP HANA in‑memory database and platform.