Cyber security firm CyberArk Softwares (CYBR - Get Report) announced earnings after the bell on Tuesday, reporting strong earnings.

TheStreet's Jim Cramer said money is moving away from cyber security, and into companies like Yelp  (YELP - Get Report) and Twilio (TWLO - Get Report) , who both reported better-than-expected second quarter earnings this week.

"There are many people who are saying that this is the peaking of cyber security," Cramer said.

Earnings showed sequential decline in the quarterly deferred revenue, and shares sank 5.76% Wednesday afternoon to $51.12.

Cramer noted that the Israeli-based CyberArk is a profitable company since it was founded in 1999, and will "rebound again" from speculation that earnings showed growth deceleration.

"The second quarter was another strong quarter for CyberArk," said Udi Mokady, CyberArk Chairman and CEO. "Our top line growth demonstrates the increasing demand for our privileged account security platform while our bottom line outperformance shows the power of our business model. As we move into the second half of the year, we plan to continue making thoughtful investments including enhancing our technology platform and expanding market presence."

Other tech companies, like Yelp and Twilio, he said, needed accelerating growth to show strong earnings..

Gabriela Borges with Goldman Sachs noted the slide in shares may be taken out of proportion.

"Importantly, we do not believe that the sequential decline in 2Q deferred revenue signals any change in the company's medium-term pipeline," she noted. "We are particularly constructive on the company's diversification across end markets as it ramps its sales force and channel support, and we believe customers will continue to look to privileged access products as a relatively simple way of reducing their risk from stolen credentials attacks."