1. A computer-implemented method for optimizing virtual machine instances in a networked computing environment, comprising: identifying, with at least one computer device, a set of virtual machine (VM) instances in the networked computing environment that are potential candidates for optimization based upon at least one of the following: a performance of the set of VM instances with respect to a set of service level agreement (SLA) terms that are associated with the set of VM instances, or a commonality of an entity associated with the set of VM instances; and optimizing, with the at least one computer device, the set of VM instances by performing at least one of the following actions: splitting a single VM instance, which has multiple unique projects, of the set of VM instances into multiple VM instances having different ones of the multiple unique projects, or consolidating multiple VM instances, which each have at least one unique project, of the set of VM instances into a single VM instance having all unique projects from the multiple instances of the set of VM instances, wherein the consolidating comprising: establishing communication between a first instance and a second instance of the set of VM instances; providing credentials associated with the second instance to the first instance; and deleting the second instance, and wherein the splitting comprising: generating, responsive to an existence of a first instance of the set of VM instances, a second instance to correspond to the first instance of the set of VM instances; establishing communication between the first instance and the second instance; and copying a set of credentials associated the first instance to the second instance.