Robert J. Fisher, a director and significant shareholder of Gap Inc (NYSE:GAP), recently sold 500,000 shares of the company's common stock over two consecutive days. The transactions, which took place on December 3 and 4, amounted to a total of approximately $12.9 million. The sale comes as Gap's stock shows strong momentum, with InvestingPro data indicating a 28% return over the past year and the company maintaining a "GREAT" overall financial health score. The shares were sold at weighted average prices of $25.7849 and $25.8229 per share, respectively, with the sales executed in multiple trades at prices ranging from $25.67 to $26.03 on December 3 and from $25.50 to $26.015 on December 4.
Following these transactions, Fisher holds 3,329,502 shares indirectly through a trust. Additionally, he maintains substantial indirect ownership through FCH TBME LLC, a Delaware-based limited liability company, which holds 27,000,000 shares. Fisher's remaining direct holdings include 7,971,855 shares, along with other indirect holdings by his spouse and limited partnerships.
In other recent news, Gap's third-quarter earnings surpassed consensus estimates, reporting an EPS of $0.72, higher than the expected $0.59, and revenue of $3.83 billion, exceeding the forecasted $3.77 billion. CFRA raised the price target for Gap to $25, maintaining a Hold rating, citing challenges in growth and market saturation. BMO Capital Markets also increased its price target from $23.00 to $25.00, maintaining a Market Perform rating following a strong EPS beat and a modest sales increase. TD Cowen maintained a Buy rating on Gap shares with a price target of $30.00, highlighting strong brand momentum and effective inventory management. Evercore ISI raised its price target for Gap to $33.00, maintaining an Outperform rating, and JPMorgan increased its price target to $28 while keeping a Neutral rating. These recent developments follow the company's better-than-expected performance this year and the anticipation of full-year revenues to increase by 1.5% to 2.0%.
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