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Microsoft, Apple are the most under-owned megacap tech stocks, poised for a rebound, Morgan Stanley says

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The Wall Street firm thinks that stocks tend to experience a technical pull higher when active ownership is much lower than their weightings in the S&P 500.

Microsoft emerged as the most under-owned megacap stock among institutional investors, signaling a rebound could be on the horizon, according to Morgan Stanley. The Wall Street firm looked at new regulatory filings from the 15 largest tech companies in its coverage and then figured out each firm's average weighting within the top 100 actively managed institutional portfolios.

Outside suppliers are late in delivering data center infrastructure to Microsoft. This means the company won't be able to meet demand in the fiscal second quarter. After Microsoft, Apple is the second-most under-owned megacap tech stock coming out of the third quarter. The iPhone maker has also lagged the broader market this year with an 18% gain.

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