NEW YORK (TheStreet) -- Semtech (SMTC) - Get Report shares closed down 12.81% to $21.47 on heavy volume Thursday, continuing its decline after releasing its first quarter financial results after the closing bell yesterday.

The Camarillo, Calif.-based semiconductor manufacturer earned 27 cents per diluted share on revenue of $130.1 million.

Analysts on average were expecting the company to report earnings of 28 cents per share on revenue of $132 million.

The company also issued current quarter earnings guidance between 21 cents and 26 cents per share on revenue between $120 million and $130 million. Analysts are forecasting second quarter earnings of 36 cents per share on revenue of $141.1 million.

About 4.58 million shares had traded hands as of 4:27 p.m. ET today, compared to its average trading volume of about 392,744 shares a day.

Separately, TheStreet Ratings team rates SEMTECH CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate SEMTECH CORP (SMTC) 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 impressive record of earnings per share growth. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow and relatively poor performance when compared with the S&P 500 during the past year."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

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