On July 28, SAP SE rose 3.06% in regular trading, trading at $177.31/share, with turnover of approximately $101 million.

On the news front, the company recently reported Q2 earnings showing cloud revenue grew 22% year-over-year, with cloud backlog reaching EUR 22.93 billion, up 27% YoY. Total revenue of EUR 9.878 billion slightly exceeded market expectations, while IFRS net income surged 26% YoY. However, non-IFRS EPS of EUR 1.59 missed the consensus estimate of EUR 1.75. Despite the earnings miss on a per-share basis, cloud business acceleration remained clearly intact. Multiple investment banks adjusted targets around the report, with Barclays lowering its price target to $242 and Berenberg cutting to $230 from $250 while maintaining a Buy rating. The stock had previously declined approximately 35% year-to-date as pessimistic expectations were fully priced in through successive downgrades. With earnings now released, market sentiment has continued to recover, and the stock extended its rebound for a second consecutive session.

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