UPDATE: Goldman Sachs Reiterates Neutral Rating, Raises PT on Jive Software

In a report published Wednesday, the Goldman Sachs Group reiterated its Neutral rating on Jive Software

, and raised its price target from $18.00 to $20.00. Goldman Sachs noted, “We estimate Jive signed 62 new customers in the quarter, bringing its total count to 707. While this is a marked step up from the roughly 37 signed in 1Q12, we estimate that roughly 40% were the result of the company's new Try Jive offering. We note, however, that initially we see Try Jive as having a downward impact on new customer ASP, as we believe SMBs as well as small departments of larger organizations find this as an easy way to onramp onto the Jive platform. As such, the real benefit from Try Jive in our view will be in the company's ability to upsell these deployments upon initial contract renewal. We estimate that ASPs for the quarter were down qoq to approximately $100k (versus $110k in 1Q12).” Jive Software closed on Tuesday at $19.42.