Goldman Sachs analyst Heather Bellini last night downgraded SolarWinds to Sell from Neutral and lowered her price target for the shares to $17.50 from $20. While the company's valuation, on an absolute basis, does not appear "overly expensive," the shares have "limited possibility" for multiple expansion given its end market exposure and already best in class operating margins, Bellini tells investors in a research note. SolarWinds benefits from cloud migration in certain areas, but its on premise footprint of license plus maintenance revenue is an offset, the analyst adds. She favors more growth oriented companies in her coverage universe.