SAP SE

SAP SE's (SAP) largest holder pulled back while smaller rivals bought in Q2 2026, across an ownership base of $114.0 million in institutional value and 96 holders. Riverbridge Partners, the largest holder at $19.4 million (17.0% of total institutional value), cut its position 9.5% — a genuine $2.0 million reduction, by far the largest real sale in the holder base. That retreat sits alongside real buying from two other top-ten holders: QRG Capital Management increased its stake 12.0% (a $1.1 million addition, the largest true buy this quarter) and NorthCrest Asset Management grew its position 5.0% ($479,021). Cardinal Capital Management, the second-largest holder at $14.0 million, added a modest 1.0% more shares. On the selling side, Cohen Klingenstein trimmed 7.1% (-$330,874) and First Merchants Corp cut 12.5% (-$297,586). Three firms opened new positions this quarter — Perpetual Ltd ($1.1 million), Family Legacy Financial Solutions ($933,567), and Canandaigua National Bank & Trust ($542,775), the same upstate New York bank that also initiated a new stake in Constellation Brands this quarter, suggesting a broader pattern of new institutional allocations rather than a stock-specific signal.