William Blair analyst Jonathan Ho has downgraded Imperva Inc. to "market perform" from "outperform" following the announcement of CFO Terry Schmid's departure.

Ho wrote that Imperva's stock will likely stay "range bound" until the company can assess its long-term strategic plan and work through the management changes.

Additionally, Ho raised concerns on the slower revenue growth in the company's cloud businesses. He also warned that sales execution challenges could continue for some time because of the type of product being sold and the difficulty of achieving consistent growth when selling appliance products that can be large-deal driven.

Ho's EPS estimates are 80 cents for 2017 and $1.03 for 2018.