Guggenheim Reiterates Buy Rating on PRGS
Guggenheim maintains its buy rating on PRGS, setting a target price of $83, a 147.17% upside from the current price.
Key Points
- Guggenheim reiterated its buy rating on PRGS with a target price of $83 on July 1, 2026.
- Guggenheim's $83 price target implies 147.17% upside from Progress Software Corporation's ($PRGS) current $33.58 share price.
- Shares of PRGS traded at $33.58 on Wednesday, with BlackRock and Vanguard making notable moves.
- Insider transactions included planned sales by executives, while analysts maintained positive outlooks.
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Guggenheim has reiterated its buy rating on PRGS, setting a target price of $83. This update came on July 1, 2026, with analyst John Difucci leading the coverage. Shares of PRGS traded at $33.58 on Wednesday, reflecting the ongoing interest in the stock.
Other Institutional Activity in PRGS
Several major funds have made recent moves in PRGS. BlackRock, Inc. increased its holdings by 17,049 shares, bringing its total to 6,972,080 shares valued at about $178.8 million. Vanguard Portfolio Management LLC opened a new position with 3,430,715 shares worth approximately $88 million. Similarly, Vanguard Capital Management LLC initiated a stake with 1,928,640 shares valued at nearly $49.5 million. State Street Corp reduced its position by 6,665 shares, now holding 1,761,009 shares valued at around $45.2 million. Boston Trust Walden Corp trimmed its holdings by 149,422 shares to end with 1,720,324 shares worth $44.1 million.
Insider Buying and Selling at Progress Software Corporation
Recent insider transactions at PRGS include planned sales by Chief Financial Officer Anthony Folger, who sold 4,474 shares at an average price of $29.13 on May 19, 2026, and Chief Legal Officer Yufan Stephanie Wang, who sold 5,019 shares at $28.86 on May 18, 2026. Folger also executed non-planned sales of 8,042 shares on April 1, 2026. Additionally, CEO Yogesh Gupta sold 22,473 shares on the same day.
Analysts Set New Price Targets
On July 1, 2026, Guggenheim reiterated its buy rating on PRGS with a target price of $83. Oppenheimer also maintained a buy rating, setting a target of $50. Citigroup, on April 1, 2026, maintained its buy rating with a target of $46. Jefferies and Wedbush also kept their ratings steady, with targets of $34 and $45, respectively. Overall, the consensus among analysts is positive, with a mean target price reflecting a favorable outlook.
Bottom Line
Guggenheim's reiteration of a buy rating with an $83 target for PRGS highlights continued confidence in the company's prospects. Institutional investors like BlackRock and Vanguard have shown interest, while insider transactions reflect regular activity. Analysts maintain a positive outlook, making PRGS a stock to watch. Remember, these updates are backward-looking and reflect the firm's position as of the latest filings.
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