Meta Platforms, Inc. (NASDAQ: FB) has temporarily disallowed new users from joining its social media tracking tool CrowdTangle, a report published by Reuters said.
A Meta spokesperson said, “We are pausing the ability for people to join CrowdTangle while we work through some staffing constraints.”
However, new users can still make additions to existing company accounts on the tool, the spokesperson said.
CrowdTangle data and transparency team is looking into the staffing issues, the spokesperson added.
People and organizations use CrowdTangle to report, analyze and follow public content available on Reddit, Instagram and Facebook.
Meanwhile, Meta has been facing pressure to provide more transparency into its platforms.
Formerly known as Facebook, California-based Meta develops software applications that enable people to connect through mobile phones, personal computers, and other devices. Its products include Facebook, Instagram, WhatsApp, Oculus and Giphy.
FB stock closed 2.4% up on Friday at $301.71.
Wall Street’s Take
Last week, Evercore ISI analyst Mark Mahaney maintained a Buy rating on Meta with a price target of $430 (42.5% upside potential).
Additionally, Michael Morris of Guggenheim reiterated a Buy rating on the stock and lowered the price target from $395 to $365 (21% upside potential).
Overall, the stock has a Strong Buy consensus rating based on 12 Buys and 1 Hold. The average Meta Platforms stock forecast of $406.54 implies 34.8% upside potential. Shares have gained 15.2% over the past year.
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (NYSE: SEMR), the world’s biggest website usage monitoring service, offers insight into Meta’s performance.
According to the tool, compared to the previous year, Meta’s website traffic registered a 9.3% decline in global visits in December. Moreover, the website traffic has decreased 4.6% year-to-date against the same period last year.
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