John J. Fisher, a significant shareholder of Gap Inc. (NYSE:GAP), recently sold a substantial portion of his holdings in the company. According to a regulatory filing, Fisher disposed of 250,000 shares on December 13, at an average price of $24.1791 per share. The transaction comes as Gap maintains a GREAT financial health score according to InvestingPro data, with the stock showing strong momentum, up 19.4% year-to-date. This transaction amounted to approximately $6,044,775. Following this sale, Fisher continues to hold a significant number of shares in Gap Inc. through various trusts and entities, maintaining his status as a major stakeholder in the company. With a market capitalization of $9.14 billion and current trading price of $24.29, InvestingPro analysis suggests the stock is slightly undervalued, with additional insights available in the comprehensive Pro Research Report covering this retail giant.
In other recent news, Gap Inc. has seen a series of positive financial developments. Baird increased its price target for Gap shares to $31, maintaining a Neutral rating, while CFRA raised its price target to $25, keeping a Hold rating. BMO Capital Markets adjusted its outlook on Gap, increasing the price target from $23 to $25, and TD Cowen maintained a Buy rating on Gap shares with a price target set at $30. These adjustments come after Gap's third-quarter earnings report exceeded Wall Street's expectations, with an adjusted earnings per share (EPS) of $0.72, a 1.6% year-over-year increase in net sales, and a gross margin expansion of 140 basis points year-over-year. Gap's full-year 2024 net sales forecast has been revised to a range of 1.5% to 2.0% growth, and the company also expects a greater gross margin expansion of approximately 220 basis points year-over-year. Bernstein analysts also reported a strong start to the fourth quarter for U.S. Apparel & Specialty Retail sector, with Gap Inc. experiencing a robust beginning. As a part of company developments, Gap has amended the vesting terms for its performance-based restricted stock units for fiscal years 2024-2026 and adopted a Senior Executive Severance Plan set to take effect in 2024.
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