SAP stock rose 57% to €201 since July. Options price a 7.5% swing.
SAP shares stood at €201.55 on 16 October, about 57% above their level at the July report, Saxo wrote.
Options, contracts whose prices imply how far traders expect a share to move, now point to about 7.5% up or down after SAP reports third-quarter results on Wednesday, 21 October. That is a range of roughly €186 to €217, Saxo options strategist Koen Hoorelbeke wrote on 16 October.
That is almost twice SAP's usual reaction. Over its last eight reports, the shares typically moved about 4.4% the next day, Saxo wrote. They rose 10.6% after the April 2025 report and fell 16.1% in January 2026, when growth in SAP's cloud business disappointed.
Saxo's note gives no figure for what would satisfy investors this time. It gives no benchmark for cloud growth either. SAP did not comment in the note, which also warns that options carry a high risk of rapid loss.
Sources
Our file on SAP
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