SAP Sees Unusually High Options Volume (NYSE:SAP)

SAP SE (NYSE:SAP) was the target of unusually large options trading on Wednesday. Stock traders bought 7,476 put options on the stock. This represents an increase of approximately 42% compared to the typical daily volume of 5,260 put options.

SAP Stock Down 1.7%

Shares of SAP opened at $146.24 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.11. SAP has a 12 month low of $144.97 and a 12 month high of $299.48. The stock’s 50 day moving average is $165.78 and its two-hundred day moving average is $184.61. The firm has a market cap of $179.66 billion, a P/E ratio of 19.76, a PEG ratio of 1.71 and a beta of 1.14.

SAP (NYSE:SAP) last announced its earnings results on Friday, February 27th. The software maker reported $1.99 earnings per share for the quarter. SAP had a return on equity of 17.31% and a net margin of 20.08%.The business had revenue of $11.06 billion during the quarter. Analysts predict that SAP will post 8.28 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Wall Street Zen lowered shares of SAP from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Piper Sandler downgraded shares of SAP from an “overweight” rating to a “neutral” rating in a report on Tuesday, April 14th. Santander upgraded shares of SAP from a “neutral” rating to an “outperform” rating in a research report on Friday, April 24th. TD Cowen cut their price objective on shares of SAP from $230.00 to $210.00 and set a “buy” rating for the company in a report on Friday, July 17th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $265.00 price objective on shares of SAP in a research report on Wednesday, June 10th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $270.83.

Hedge Funds Weigh In On SAP

Large investors have recently added to or reduced their stakes in the stock. Sound Income Strategies LLC grew its position in shares of SAP by 109.4% in the fourth quarter. Sound Income Strategies LLC now owns 111 shares of the software maker’s stock valued at $26,000 after purchasing an additional 58 shares during the period. Bayban acquired a new position in shares of SAP during the 4th quarter worth about $28,000. Annis Gardner Whiting Capital Advisors LLC lifted its stake in SAP by 758.8% in the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 146 shares of the software maker’s stock valued at $35,000 after buying an additional 129 shares in the last quarter. Riggs Asset Managment Co. Inc. lifted its stake in SAP by 83.8% in the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 147 shares of the software maker’s stock valued at $45,000 after buying an additional 67 shares in the last quarter. Finally, American National Bank & Trust boosted its holdings in SAP by 641.7% in the 4th quarter. American National Bank & Trust now owns 178 shares of the software maker’s stock worth $43,000 after buying an additional 154 shares during the last quarter.

Key Stories Impacting SAP

Here are the key news stories impacting SAP this week:

• Positive Sentiment: SAP reported solid Q2 operating trends, including current cloud backlog up 27%, cloud revenue up 22%, cloud ERP suite revenue up 25%, and total revenue up 9%, reinforcing demand for its cloud software. SAP Quarterly Statement Q2 2026
• Positive Sentiment: Management continues to highlight AI as a long-term growth lever, but emphasized that enterprise AI must move beyond simple chatbots and coding tools into more complex workflows, which could support future monetization if execution improves. SAP CFO says AI must move beyond chatbot ‘low-hanging fruit’ before seeing returns
• Neutral Sentiment: The company reiterated FY2026 revenue guidance around $47.3 billion, suggesting revenue expectations remain intact even as investors parse the details of the updated profit outlook. SAP Second-Quarter Revenue Up on Cloud Business Results, Operating Profit Guidance Lowered on Slowing Growth
• Negative Sentiment: SAP’s Q2 results missed Wall Street estimates, with EPS of $1.82 versus $2.01 expected and revenue of $11.12 billion below consensus, which can weigh on sentiment. SAP Slide Deck
• Negative Sentiment: Operating profit growth slowed and SAP lowered its non-IFRS operating profit outlook, with the company citing dilution from recent acquisitions, raising concerns about near-term margin expansion. SAP Second-Quarter Revenue Up on Cloud Business Results, Operating Profit Guidance Lowered on Slowing Growth
• Negative Sentiment: Unusually heavy put-option buying ahead of the earnings release suggests some traders were positioned for downside, reinforcing a cautious short-term view.

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.