Goldman Sachs Reports Solid First Quarter For SolarWiinds

According to Goldman Sachs, SolarWinds (NYSE: SWI) reported a solid first quarter.

Goldman Sachs said that the Federal segment saw new license sales grow 22% yoy with the help of a deal worth more than $500,000, but the company remains cautious in its outlook for this segment. “SolarWinds trades at 25X our CY2011E non-GAAP EPS, in-line with the software group. Our unchanged 12-month price target of $24 is based on 23X our non-GAAP CY2012 EPS of $1.05.”

SolarWinds closed yesterday at $23.66.