William Sydney Fisher, a director and ten percent owner of Gap Inc. (NYSE:GAP), has sold a significant portion of his holdings in the company. According to a recent SEC filing, Fisher sold 376,050 shares of Gap common stock over two transactions, one on December 4 and another on December 6, totaling approximately $9.78 million. The shares were sold at prices ranging from $26.0008 to $26.0197 per share. This insider sale comes as Gap stock shows strong momentum, with a 27.79% gain year-to-date. According to InvestingPro, the company maintains a GREAT financial health score, though the stock is currently trading near its Fair Value.
Following these transactions, Fisher holds 3,820,467 shares indirectly through a trust, as well as additional shares through various other entities and personal holdings. The sales were executed in multiple trades, with the reported prices reflecting the weighted average sales price for each transaction. InvestingPro data shows Gap's stock movements are quite volatile, with 8 additional key insights available to subscribers. Get access to Gap's comprehensive Pro Research Report, part of InvestingPro's coverage of 1,400+ US stocks.
In other recent news, Gap Inc. has been the subject of several analyst evaluations following strong quarterly earnings and sales performance. The company reported a third-quarter normalized EPS of $0.72, surpassing consensus estimates, and revenue of $3.83 billion, exceeding expectations. CFRA, BMO Capital Markets, TD Cowen, and Evercore ISI all adjusted their price targets for Gap, reflecting an increase in optimism about the company's performance.
Gap's full-year revenues are anticipated to increase by 1.5% to 2.0%, while the gross margin is expected to expand by 220 basis points. The company's financial performance was also acknowledged by JPMorgan, which raised its price target for Gap and maintained a neutral rating.
The company's brand performance varied, with Old Navy's comparable sales remaining unchanged year-over-year, Gap brand sales increased by 3%, Banana Republic saw a decline of 1%, and Athleta enjoyed a 5% rise. Lastly, Gap amended the vesting terms for its performance-based restricted stock units for fiscal years 2024-2026, aligning more closely with the performance period and providing immediate vesting upon performance certification.
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