Apple CEO Tim Cook arrives for Apples "The Morning Show" global premiere at Lincoln Center- David Geffen Hall on October 28, 2019 in New York.

Shares of Apple are currently "under owned" by even the Cupertino-based tech giant's top investors, according to one Morgan Stanley analyst.

"Even the top 100 ... holders of Apple (stock) have a position that's less than the S&P 500 weighting," Katy Huberty, managing director and head of North American hardware tech research at Morgan Stanley, told CNBC at the Morgan Stanley APAC Summit on Wednesday.

Morgan Stanley has a current price target of $296 per share for Apple's stock — which ended Tuesday's session at $266.29 stateside. The firm's target represents a more than 11% jump in price from current levels.

"We still think the stock has room to run," Huberty said, citing recovering iPhone demand, inflecting services growth and Apple's quarterly share buybacks as possible catalysts for the share price.