On August 7, SAP SE rose 3.08% in pre-market trading, trading at approximately $205.75/share, with turnover of $1.1787 million.

On the news front, SAP's second-quarter cloud business revenue grew 22% year-over-year, with cloud backlog reaching 22.929 billion euros, up 27% year-over-year. The strong cloud growth momentum continues to boost investor confidence. Total Q2 revenue came in at 9.878 billion euros, up 9% year-over-year, while IFRS net income surged 26% to 2.209 billion euros. Additionally, the European Commission concluded its antitrust investigation into SAP, and management insider buying provided further support.

On the investment bank side, HSBC raised its target price for SAP, while Barclays maintained its Overweight rating with a $242 price target. Berenberg also kept a Buy rating with a $230 target. SAP shares have continued to rebound in recent sessions as the market maintains an optimistic outlook on its cloud transformation prospects.

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