Yahoo Finance SAP SE (SAP) Stock Price Increased Significantly in Q1
Polen Capital, an investment management company, released its “Polen Global Growth Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund increased 8.10% gross and 7.81% net, respectively, trailing the MSCI ACW Index’s 8.20% return. The market dynamics that were in place at the end of last year persisted in many respects during the first quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Polen Global Growth Strategy featured stocks like SAP SE (NYSE:SAP) in the first quarter 2023 investor letter. Headquartered in Walldorf, Germany, SAP SE (NYSE:SAP) is an application, technology, and services provider. On April 18, 2024, SAP SE (NYSE:SAP) stock closed at $178.64 per share. One-month return of SAP SE (NYSE:SAP) was -10.16%, and its shares gained 31.02% of their value over the last 52 weeks. SAP SE (NYSE:SAP) has a market capitalization of $208.981 billion.
Polen Global Growth Strategy stated the following regarding SAP SE (NYSE:SAP) in its first quarter 2024 investor letter:
"The largest relative contributors to the Portfolio’s performance during the first quarter were SAP SE (NYSE:SAP), Apple (not owned), and Amazon.
After delivering a robust fourth quarter, SAP’s stock price again rose significantly in the first quarter of 2024 on solid 4Q23 earnings and full-year guidance that was revised modestly higher. Importantly, SAP’s transition to the cloud (a core part of our thesis on the business) continues at pace, and the company is seeing both strong cloud revenue growth and expanding cloud gross margins. Management is guiding cloud sales growth through 2025 in the mid-20% range, which we view as reasonable and attractive. We view SAP as one of the more resilient software business models as it is an essential part of their customers’ day-to-day operations and cannot easily be turned off or scaled back. Additionally, we think CEO Christian Klein is honest, competent, and long-term minded— traits we value highly in leadership."
A data centre room with cloud technology, illustrating the enterprise application software services.
SAP SE (NYSE:SAP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, SAP SE (NYSE:SAP) was held by 22 hedge fund portfolios, up from 17 in the previous quarter, according to our database.
We previously discussed SAP SE (NYSE:SAP) in another article, where we shared Sequoia Fund's views on the company. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
