Not necessarily. It tends to indicate that the investment is a safe one having been vetted by professionals but it has a downside. Share price is driven by the law of supply and demand and the largest demand comes from institutions. If they already have their fill, where is demand to come from?
With low institutional ownership, when they catch on, if they catch on, the price rises sharply on accumulation. With large institutional ownership, if they tire of the stock, the price plummets on distribution.