Goldman Sachs maintained a Neutral rating on FireEye, Inc (NASDAQ: FEYE) and reduced its price target to $58.00 (from $68.00). The change follows Q1 results.

Analyst Greg Dunham said, "While billings is the best indicator of the business and this surprised to the upside, the challenging market backdrop for growth stocks could cause the selloff in the after-market (i.e., shares down 10%) to be an accurate indication of today’s (5/7) trading activity. The complexity inherent to a mixed model of product, subscription and services with varying term lengths (i.e., 32 month average term in 1Q14 vs. 26 last year) and an acquisition add noise to what we believe is a strong fundamental story. Organic growth remains impressive at more than 50% yoy in both businesses and the outlook should benefit from aggressive product launch plans (4 major releases with potential for a significant endpoint product) and a maturing market that is shifting to next-generation solutions. While it remains difficult to assess the trend lines in sales productivity at this point given the timing of hires, we believe the fundamental set-up for the back half is likely to lead to more beat and raise performance."

For an analyst ratings summary and ratings history on FireEye, Inc click here. For more ratings news on FireEye, Inc click here.

Shares of FireEye, Inc closed at $37.13 yesterday.