# SAP SE (SAP)

> Source: Nexqual · https://nexqual.com/SAP · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, SAP SE (SAP), nexqual.com/SAP" · informational, not investment advice.

**Price:** USD 240.59 (+3.38% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 232.73 · day 236.29–243.03 · 52w 144.97–281.37 · market cap $278B · NYQ

## Key facts
- 7 of 80 tracked superinvestors hold SAP (13F, Q2 2026): 2 new, 3 added, 2 reduced, 0 unchanged.
- Analysts: Buy (mean 1.94 on a 1–5 scale) (16 analysts), mean target USD 278.17 (range 258–333).
- Total return with dividends: 1Y -12.1% vs S&P 500 +14.9%; 5Y +84.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-21, EPS estimate USD 2.16, revenue estimate $10.8B.

## Superinvestors (SEC 13F-HR, Q2 2026)
7 of 80 tracked investors hold SAP. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Ruane Cunniff | Ruane Cunniff LP | 2.96% | $191M | Added +64.9% |
| First Pacific Advisors |  | 1.07% | $85.6M | New position |
| Sarah Ketterer | Causeway Capital Management | 1.05% | $97.1M | Added +38.1% |
| Christopher Davis | Davis Advisors | 0.04% | $9.3M | Reduced -80.9% |
| Polen Capital | Polen Capital Management | 0.04% | $4.4M | Reduced -56.9% |
| Richard Pzena | Pzena Investment Management | <0.01% | $1.0M | New position |
| Bill Nygren | Oakmark Funds | <0.01% | $258K | Added +15.1% |

## Analysts
Consensus Buy (mean 1.94 on a 1–5 scale), 16 analysts; mean target USD 278.17 (low 258, high 333).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | BMO Capital | Target raised | Outperform | $235 → $265 |
| 2026-10-13 | Barclays | Target raised | Overweight | $242 → $243 |
| 2026-10-08 | BMO Capital | Target raised | Outperform | $177 → $235 |
| 2026-08-26 | UBS | Downgrade | Buy → Neutral |  |
| 2026-07-27 | Barclays | Target lowered | Overweight | $255 → $242 |
| 2026-07-24 | BMO Capital | Target raised | Outperform | $175 → $177 |
| 2026-07-21 | Barclays | Target lowered | Overweight | $257 → $255 |
| 2026-07-17 | TD Cowen | Target lowered | Buy | $230 → $210 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -12.1% | +84.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -12.2% | +13.0% |
| Volatility (annualized) | 39.3% | 29.2% |
| Max drawdown | -46.5% (Oct 2025→Jul 2026) | -49.1% (Jun 2025→Jun 2026) |

## Peers (Software - Application)
SHOP (Shopify Inc.) USD 168.81 -3.14% · CRM (Salesforce, Inc.) USD 250.29 +3.52% · NOW (ServiceNow, Inc.) USD 157 +2.53% · UBER (Uber Technologies, Inc.) USD 69.07 +2.14% · ADP (Automatic Data Processing, Inc.) USD 307.94 +4.56% · SNOW (Snowflake Inc.) USD 313.96 -2.72%

## More
Full page: https://nexqual.com/SAP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name SAP in their own reports (relationship from SAP's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | RADIANT LOGISTICS, INC (RLGT) | 10-K 2026-09-14 | "In our forwarding operations, we utilize SAP TM as our primary third-party transportation management system, which is integrated to our third-party accounting system (SAP ECC)." |
| supplier | OPEN TEXT CORP (OTEX) | 10-K 2026-08-06 | "•SAP SE (SAP): We partner with SAP on content services and our content products are embedded in the SAP infrastructure." |
| customer | CINTAS CORP (CTAS) | 10-K 2026-07-29 | "In addition, we rely on software applications, enterprise cloud storage systems and cloud computing services provided by third-party vendors for certain information technology services, including our …" |
| competitor | ORACLE CORP (ORCL) | 10-K 2026-06-22 | "Our enterprise cloud, software and hardware offerings compete directly with certain offerings from some of the largest and most competitive companies in the world, including Adobe Systems Incorporated…" |
| partner | Quantumsphere Acquisition Corp (QUMS) | 10-K 2026-06-15 | "We granted SPAC Advisory Partners ("SAP"), the representative of the underwriters, a 45-day option from the date of IPO, to purchase up to 1,080,000 additional Units to cover over-allotments, if any, …" |
| partner | Infosys Ltd (INFY) | 20-F 2026-06-15 | "As a RISE with SAP Validated Partner, with multiple partner recognitions and as an acknowledged leader in SAP services by industry analysts, we help simplify clients' migration to SAP S/4HANA and deli…" |
| partner | WIPRO LTD (WIT) | 20-F 2026-06-02 | "Our top strategic partners include hyperscalers, industry-leading platforms, and AI-native companies like Amazon Web Services, Microsoft, Google, IBM, SAP, ServiceNow, and NVIDIA." |
| partner | Kyndryl Holdings, Inc. (KD) | 10-K 2026-05-29 | "We have several key partnerships, including with Amazon Web Services, Broadcom, Cisco, Dell, Dynatrace, Google Cloud, HPE, Microsoft, NVIDIA, Oracle, Palo Alto Networks, Red Hat, Rubrik, SAP and Servi…" |
| partner | Dynatrace, Inc. (DT) | 10-K 2026-05-20 | "Our customers are also able to procure our software through leading marketplaces, such as AWS, Azure, SAP, and Google." |
| customer | RedCloud Holdings plc (RCT) | 20-F 2026-05-15 | "including SAP, Oracle, Infor, and other smaller DMS vendors and suppliers." |
| supplier | SCHMID Group N.V. (SHMD) | 20-F 2026-05-15 | "ET technology portfolio includes: (i) next generation production equipment which can be used for traditional board concepts typically produced with mSAP and SAP process; (ii) new high-end PCB or subst…" |
| partner | FORMULA SYSTEMS (1985) LTD (FORTY) | 20-F 2026-05-13 | "its existing strategic partnerships that include partnerships with Oracle, JD Edwards, SAP, Salesforce.com, Microsoft, AWS, GCP, IBM and" |
| competitor | ORANGEKLOUD TECHNOLOGY INC. (ORKT) | 20-F 2026-04-30 | "primarily compete with Low-Code development platforms sold by companies such as Outsystems Inc., Mendix Technology B.V., Appian, SAP" |
| competitor | Femto Technologies Inc. (FMTOF) | 20-F 2026-04-30 | "However, given BYND Israel's focus on the Israeli market, its main competitors for that market include SAP SE ("SAP")," |
| customer | XP Inc. (XP) | 20-F 2026-04-29 | "We rely on a number of external service providers for certain key market information and data, technology, processing and supporting functions, such as Microsoft, SAP and Oracle, among others." |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.16 | $2.35 | -7.9% | $10.76B | 5 |
| Next quarter (ends 2027-03-31) | $2.21 | $2.27 | -2.7% | $10.66B | 4 |
| Current fiscal year (ends 2026-12-31) | $8.06 | $8.25 | -2.3% | $40.40B | 10 |
| Next fiscal year (ends 2027-12-31) | $9.54 | $9.72 | -1.9% | $45.22B | 10 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 38.0% | ±4.5% |
| 2026-11-06 | 14 | 35.4% | ±5.8% |
| 2026-11-13 | 21 | 36.2% | ±7.1% |
| 2026-11-20 | 28 | 34.7% | ±7.8% |
| 2026-11-27 | 35 | 34.4% | ±8.6% |
| 2026-12-04 | 42 | 34.6% | ±9.5% |
| 2026-12-18 | 56 | 34.5% | ±10.9% |
| 2027-01-15 | 84 | 33.2% | ±12.9% |