Allowed memory size exhausted functions.php

We are running a multisite installation on the latest WP instal 4.4.1. We have 8 websites running. One website is getting a error_connection_reset and I cannot access the wp-admin for it. A second website is taking 2 minutes to load.

When I look at the www-error.log we see the following below:

PHP Fatal error: Allowed memory size of 134217728 bytes exhausted (tried to allocate 1639095 bytes) in /usr/share/wordpress/wp-includes/functions.php on line 434

I am not sure if we should be expanding the memory limit? we did increase it to 128M and that did not seem to fix anything. Also we are running a virtual server with 12GB of ram and 6 cpu.

PHP version we are using is 5.5