SAP SE (NYSE: SAP) develops enterprise software that helps businesses manage finance, supply chains, and customer operations, making it one of the most important technology providers in the world. Recently trading around $270 per share with a market cap near $319 billion, SAP has become a cornerstone in global business operations, powering systems for thousands of corporations. Known for its long history in ERP software, SAP has steadily pivoted toward cloud-based solutions to stay competitive in a market dominated by U.S. giants.
With gross margins of about 74% and EBIT margins around 27%, SAP remains highly profitable, though the company has faced pressure with earnings per share declining even as revenue continues to grow. This reflects the heavy investments tied to its cloud transition and the challenge of balancing growth with profitability.
Once defined largely by its founders, including Dietmar Hopp and Hasso Plattner, SAP is now a widely held institutional name, embedded in portfolios of sovereign wealth funds, passive index giants, and global asset managers. The balance between founder stakes and institutional ownership provides both stability and liquidity, making SAP one of the most globally owned tech companies outside the U.S.
Here’s a closer look at who owns the stock and what insiders are doing with the stock today.
Who Are SAP’s Top Shareholders?
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SAP develops enterprise software that helps companies run core business functions, and its stock is now held by a mix of founders, passive giants, and global funds. Ownership looks broadly diversified, though recent moves show a split in sentiment.
- BlackRock Institutional Trust: 79.7M shares (6.5%), ~$21.5B. Trimmed 578K shares (-0.7%).
- Dietmar Hopp: 62.1M shares (5.1%), ~$16.7B. Cut 445K shares (-0.7%).
- Hasso Plattner Foundation: 39.8M shares (3.2%), ~$10.7B. No reported change.
- Hasso Plattner (Individual): 37.0M shares (3.0%), ~$10.0B. No reported change.
- Vanguard Group: 34.8M shares (2.8%), ~$9.4B. Added 283K shares (+0.8%).
- Capital Research Global Investors: 30.7M shares (2.5%), ~$8.3B. Added 394K shares (+1.3%).
- Norges Bank (Norway SWF): 29.1M shares (2.4%), ~$7.8B. Reduced 3.1M shares (-9.6%).
- Amundi Asset Management: 17.5M shares (1.4%), ~$4.7B. Lifted 2.2M shares (+14.7%).
One highlight from last quarter is Jane Street Group’s aggressive move, boosting its SAP stake by over 1,375% to 59K shares worth $17.9 million. That kind of swing looks like a strong short-term bet on the stock.
Squarepoint Ops also jumped in, lifting its holdings by 405% to 12K shares worth $3.7 million, which suggests the fund sees upside potential after recent weakness.
Citadel Advisors, run by Ken Griffin, raised its position by 152%, now owning 56K shares worth $17.0 million. This increase looks like added conviction, though still small in size compared to SAP’s overall ownership base.
For long-term investors, the big picture is still anchored by founders and passive giants, which provides stability. Hedge fund activity shows more tactical confidence, with sharp percentage increases that may point to short-term opportunity rather than deep conviction.
Amundi’s large addition suggests some institutions see value, while Norges Bank’s cut looks more cautious. Overall, SAP appears stable at the core but outside investors seem divided on its near-term upside.
See whether SAP’s top shareholders are buying or selling today >>>
SAP’s Recent Insider Trades
Insider transactions can sometimes offer insight into how leadership feels about a company’s outlook. At SAP, activity has been relatively light over the past year, with only a handful of notable transactions. The mix has been more tilted toward selling than buying, though much of this looks routine in nature.
Recent transactions include:
- Christian Klein (CEO) purchased 420 shares at ~$272 in Apr 2025, following another 620-share buy in Jun 2024.
- Lars Lamade (Director) sold 2,358 shares at ~$251 in Apr 2025.
- Sebastian Steinhäuser (Officer) sold 1,355 shares at ~$274 in Feb 2025.
- Gerhard Oswald (Director) sold 1,400 shares at ~$252 in Dec 2024, after another 1,740-share disposal in late 2023.
- Rouven Westphal (Director) sold 1,500 shares at ~$237 in Nov 2024.
- Hasso Plattner (Director) sold a much larger block of ~818K shares at ~$158 back in Dec 2023.
The overall pattern shows occasional small purchases from management, but most activity has been on the selling side.
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What the Ownership & Insider Trade Data Tell Us
SAP’s ownership is anchored by passive giants like BlackRock and Vanguard, along with long-term insider stakes from founders Dietmar Hopp and Hasso Plattner. This mix helps keep the stock widely held and relatively stable. Some global funds have trimmed exposure, such as Norges Bank, which may reflect caution, while others like Amundi have added significantly, suggesting selective confidence.
For investors, the picture seems mixed. Institutions and insiders appear to be taking a wait-and-see approach, and confidence in SAP’s long-term upside may depend on whether its cloud transition translates into stronger earnings growth.
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