UPDATE: Goldman Sachs Lowers Jive Software's PT

According to a research report published this morning, Goldman Sachs has lowered Jive Software's

PT from $23 to $21. In the report, Goldman Sachs said, "Jive reported 1Q12 results after the close. Revenue of $25.3mn grew 58% yoy, ahead of the $24.4mn forecasted by the Street. Non-GAAP EPS also exceeded consensus, coming in at $(0.09) vs. consensus of $(0.13). Billings and CFO outperformed expectations as well. Billings growth of 52% yoy compared to the Street at +41% yoy. As a result of the upside in bookings growth driven by the collective beat in revenue and deferreds (roughly $1mn each), CFO also came in slightly ahead ($2.05mn vs. cons: $1.2mn)." Goldman Sachs maintains its Neutral rating on Jive Software, which closed yesterday at $20.34.