If you've owned (NASDAQ: AAPL) stock over the last five years, chances are your position has grown to become a large percentage of your portfolio. Shares are up an incredible 330% over this period, obliterating the S 500's 94% gain over the same period. This may put some investors in an uncomfortable position, prompting them to consider trimming the position to reduce the risk of being too overweight in a single security.

So, for those investors with an "overweight" position in the stock, is now a good time to sell some shares?

Sure, tenaciously holding onto Apple shares over the long haul may be the reason some shareholders have done so well in recent years. But the past is not always indicative of the future. For instance, one major difference in Apple stock today compared to five years ago is its valuation. Five years ago, the stock only earned a price-to-earnings ratio of 18. Today, the stock commands a price-to-earnings ratio of about 34.

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Source Fool.com