SAN FRANCISCO—Katrina O'Connell, the Chief Financial Officer of Gap Inc. (NYSE:GAP), executed a series of stock transactions on December 3, 2024, according to a recent SEC filing. These transactions were carried out under a pre-established Rule 10b5-1 trading plan. The retailer, currently valued at $9.8 billion, has shown strong momentum with a 27.79% year-to-date return, according to InvestingPro data.
O'Connell sold a total of 87,557 shares of Gap common stock, generating proceeds of approximately $2.23 million. The sales were conducted at a weighted average price of $25.4526 per share, with actual sale prices ranging from $25.16 to $25.82.
In addition to the sales, O'Connell exercised options to acquire 87,557 shares at prices between $6.28 and $13.93 per share, totaling approximately $811,924. These options were part of grants made in March 2020 and March 2022, which vest in four equal annual installments.
Following these transactions, O'Connell no longer holds any shares of Gap common stock directly.
In other recent news, Gap's third-quarter earnings surpassed consensus estimates, with an earnings per share (EPS) of $0.72, exceeding the expected $0.59. Revenue also beat expectations, coming in at $3.83 billion against a forecasted $3.77 billion. Looking ahead, Gap forecasts full-year revenues to increase by 1.5% to 2.0% and expects gross margin to expand by 220 basis points. CFRA, BMO Capital Markets, TD Cowen, and Evercore ISI have all updated their price targets for Gap, while maintaining their respective ratings. JPMorgan (NYSE:JPM) has also raised its price target for Gap while keeping a Neutral rating. All adjustments follow Gap's solid financial performance in the third quarter. Notably, Gap has amended the vesting terms for its performance-based restricted stock units for fiscal years 2024-2026, providing immediate vesting upon performance certification.
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