NEW YORK (TheStreet) -- Shares of Cirrus Logic  (CRUS) - Get Cirrus Logic, Inc. Report fell 4.68% to $26.26 in morning trading Thursday despite the semiconductor company's third-quarter earnings report that smashed analysts' expectations.

The Austin, TX-based company reported adjusted earnings of 97 cents a share, which easily beat the Zacks consensus estimate of 77 cents. Revenue totaled $298.6 million, which surpassed analysts' expectations of $275.7 million.

Cirrus issued fourth-quarter revenue guidance in the range of $220 million to $240 million, which beat the consensus estimate of $195.4 million.

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More than 2.1 million shares changed hands as of 10:58 a.m., compared to the daily average volume of 1,941,520.

Separately, TheStreet Ratings team rates CIRRUS LOGIC INC as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

TheStreet Recommends

"We rate CIRRUS LOGIC INC (CRUS) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."

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