On August 7, SAP SE rose 3.07% in regular trading, trading at $205.565/share, with turnover of $107 million. The rally was driven by continued investor optimism following strong second-quarter cloud business results and multiple supportive catalysts.
SAP reported Q2 total revenue of €9.878 billion, up 9% year-over-year, with cloud business revenue growing 22% and cloud backlog reaching €22.929 billion, representing 27% growth. IFRS net income rose 26% year-over-year to €2.209 billion, with basic EPS of €1.89, up 30%. The robust cloud momentum has reinforced market confidence in SAP's ongoing cloud transformation strategy.
Additional tailwinds include the EU Commission concluding its antitrust investigation into SAP, and management insider buying activity. On the analyst front, HSBC raised its target price for SAP, while Barclays maintained an Overweight rating with a $242 price target. The stock has continued to rebound in recent sessions as the market sustains an optimistic outlook on SAP's cloud-driven growth trajectory.
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