Pitcairn Co. Boosts Position in SAP SE (NYSE:SAP)
Pitcairn Co. boosted its stake in shares of SAP SE (NYSE:SAP) by 10.7% during the second quarter, Holdings Channel reports. The fund owned 6,751 shares of the software maker’s stock after buying an additional 655 shares during the period. Pitcairn Co.’s holdings in SAP SE were worth $706,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently bought and sold shares of SAP. Howard Capital Management boosted its stake in SAP SE by 3.7% in the first quarter. Howard Capital Management now owns 125,741 shares of the software maker’s stock valued at $12,344,000 after buying an additional 4,500 shares during the last quarter. Howe & Rusling Inc. boosted its stake in SAP SE by 25.4% in the first quarter. Howe & Rusling Inc. now owns 2,007 shares of the software maker’s stock valued at $197,000 after buying an additional 407 shares during the last quarter. Reliance Trust Co. of Delaware boosted its stake in SAP SE by 5.1% in the first quarter. Reliance Trust Co. of Delaware now owns 11,564 shares of the software maker’s stock valued at $1,135,000 after buying an additional 556 shares during the last quarter. Huntington National Bank boosted its stake in SAP SE by 51.5% in the first quarter. Huntington National Bank now owns 1,524 shares of the software maker’s stock valued at $150,000 after buying an additional 518 shares during the last quarter. Finally, Stewart & Patten Co. LLC purchased a new stake in SAP SE during the first quarter valued at $236,000. 3.77% of the stock is currently owned by institutional investors and hedge funds.
Shares of SAP SE (NYSE SAP) opened at 104.46 on Friday. SAP SE has a 52-week low of $80.93 and a 52-week high of $108.72. The company has a market cap of $125.24 billion, a P/E ratio of 30.81 and a beta of 1.12. The firm has a 50-day moving average of $105.15 and a 200-day moving average of $100.42.
SAP SE declared that its Board of Directors has initiated a stock buyback program on Thursday, July 20th that allows the company to buyback shares. This buyback authorization allows the software maker to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
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Several equities analysts have recently issued reports on SAP shares. William Blair lowered their target price on shares of SAP SE from $70.00 to $68.00 and set a “buy” rating for the company in a report on Monday, April 17th. BMO Capital Markets lowered their target price on shares of SAP SE from $105.00 to $95.00 and set a “market perform” rating for the company in a report on Wednesday, April 26th. Stifel Nicolaus lowered shares of SAP SE from a “hold” rating to a “sell” rating and set a $102.13 target price for the company. in a report on Wednesday, April 26th. Cowen and Company reiterated an “outperform” rating and set a $110.00 target price (up from $105.00) on shares of SAP SE in a report on Saturday, April 29th. Finally, Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $115.00 target price (up from $107.00) on shares of SAP SE in a report on Friday, June 9th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and thirteen have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $95.69.
About SAP SE
SAP SE (SAP) is a software and service provider. The Company offers enterprise application software. The Company operates through two segments: Applications, Technology & Services segment, and the SAP Business Network segment. The Applications, Technology & Services segment is engaged in the sale of software licenses, subscriptions to its cloud applications, and related services (primarily support services and various professional services, and support services, as well as implementation services of its software products and education services on the use of its products).
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