NEW YORK (TheStreet) -- Shares of Synaptics (SYNA - Get Report) were falling 23.47% to $51.81 on heavy trading volume mid-morning Friday after the company posted lower-than-expected earnings for the 2017 fiscal first quarter.

After yesterday's closing bell, the San Jose, CA-based developer of human interface solutions reported adjusted earnings of 96 cents per diluted share, below analysts' estimates of $1 per share.

Revenue for the quarter was $386.2 million, above analysts' projections of $372.6 million.

Craig-Hallum cut its rating on the stock to "hold" from "buy" following the quarterly report.

The firm cited continued risk of Apple (AAPL) changing to an OLED display driver in its next generation iPhone and margin risk heading into calendar year 2017, the Fly reports.

The stock was also downgraded to "hold" from "buy" at Needham this morning.

More than 1.91 million of the company's shares changed hands so far today vs. its average 30-day volume of 612,342 shares.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and expanding profit margins.

But the team also finds weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: SYNA