1. A method comprising: receiving at least one performance metric associated with at least one virtual machine (VM) executing on a host, the at least one performance metric comprising information indicative of a CPU load of the host; determining that the host is in a densely provisioned state based on a comparison of the information indicative of the CPU load of the host to a corresponding threshold; modifying settings of at least one virtual network interface card of the at least one VM responsive to determining that the host is in the densely provisioned state; and reducing a total number of queues allocated for handling traffic of a physical network interface underlying the at least one virtual network interface card of the at least one VM responsive to determining that the host is in the densely provisioned state.