Goldman Lifts SAP Target to EUR 230 as TechWolf Deal and SAP Pay Debut Reshape Growth Story
Published on 10/06/2026 at 21:20 | Editorial boerse-global.de
Goldman Sachs sees more headroom in SAP shares, raising its price target on the Walldorf software group to EUR 230 from EUR 215 on Tuesday while keeping a "Buy" rating on the stock. The US investment bank offered no specific rationale for the revision, though the move lands in a friendlier climate for technology and software names. SAP stock traded up 0.9% at EUR 187.14 on the news, and by later in the session had climbed 1.8% to EUR 188.94 as market participants pointed to strength across the broader tech sector.
Schneider-PTC Deal Ignites Sector Interest
Media reports credit a burst of takeover speculation for reviving appetite in software equities. French industrial group Schneider Electric agreed on Monday to acquire US-based PTC for USD 205 per share in cash, valuing the target at roughly USD 22.6 billion. The announcement stirred fresh interest in European software stocks, with investors selectively returning to the sector after recent bouts of weakness. Firm US technology benchmarks added to the stabilizing tone.
DSAG Presses SAP on Flexibility and AI Governance
The deal news coincided with the opening day of the annual congress of the German-speaking SAP user group DSAG, which used the occasion to press management on several fronts. The organization is calling for greater flexibility in operating models, binding product roadmaps and clear rules governing the corporate use of artificial intelligence. DSAG chairman Jens Hungershausen stressed that on-premises systems and hybrid architectures remain central for companies across the DACH region. In the group's view, the AI vision SAP has presented still has to prove itself in day-to-day operations, and the association is insisting on dependable terms covering costs, usage rights and governance for those tools.
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SAP, for its part, kept rolling out its product strategy. Alongside new capabilities around Joule Work, Joule Assistants and its in-house Business AI platform, the company unveiled its entry into the payments business with SAP Pay. It also announced partnerships with Moody's Corporation for supplier risk monitoring and with ORO Labs, and provided an expanded platform for customer feedback.
TechWolf Acquisition Bolsters HR Software
On the operational side, management continues to deepen AI integration across its core applications. SAP agreed to acquire Belgian AI firm TechWolf, with no purchase price disclosed. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals. According to Reuters, TechWolf's technology will be embedded directly into SAP's workforce planning software, with the systems designed to automate and streamline hiring, workplace reskilling and organizational change processes. Handelsblatt reported that the deal is expected to be completed before the end of the year.
Buyback Grinds On Ahead of Q3 Print
SAP is currently in its quiet period ahead of the next earnings release, and the company continues to support its share supply through repurchases. Under the running buyback program, SAP acquired a further 50,000 shares on the Xetra trading platform between September 28 and October 2. The weighted average price for those transactions came in at EUR 185.02 per share, translating to a weekly volume of just over EUR 9.25 million. Through October 2, the total number of shares repurchased under the current program stood at nearly 8.95 million.
Investors will get a clearer read on recent operating momentum in about two weeks. Third-quarter 2026 results are scheduled for release on October 21, 2026 at 22:05 CEST, followed by an investor and analyst conference at 23:00 CEST.
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