So Wolfe Research had put out a positive call on Alphabet back in 2024, flagging it as an Outperform. The analysts were looking at around 6.81% upside at the time, with price targets ranging pretty wide - from €133.41 to €218.22 per share. That kind of spread tells you there's still debate in the market about where 1GOOGL really belongs. The consensus target was sitting at €183.42, which would've been a solid move from where it was trading then. Revenue projections looked solid too - they were modeling around 350 billion in annual revenue with non-GAAP EPS at 6.89. What caught my eye was the institutional positioning. Over 6,200 funds were holding 1GOOGL positions at that point, and the average fund weight was around 1.81% of their portfolios. Though interestingly, total institutional shares actually dipped by about 1% in the quarter prior. The big index funds like Vanguard's Total Stock Market and 500 Index funds were the heaviest holders, each sitting on roughly 1.5% and 1.2% of the company respectively. But here's the thing - most of these mega-funds were actually trimming their 1GOOGL allocations slightly quarter over quarter. Even Price T Rowe cut their position by nearly 7%. Guess even the institutions were being cautious about how much Alphabet to carry in their portfolios back then.