There's an ASX technology stock amongst the top 100 shares on the S&P/ASX 200 Index (ASX: XJO) that has given investors a return of almost 100% within the past 12 months.

Yep, less than 12 months ago, this technology stock was asking as low as $15.52 a share. Today, those same shares will set an investor back $30.84 each. Earlier this month, you could have bought this stock for $32.64, which would indicate a return comfortably over 200% for anyone lucky enough to pick up shares last year at under $16 each.

This ASX technology stock is none other than TechnologyOne Ltd (ASX: TNE). And boy, has this company proven itself to be a winner.

Long-term investors have been laughing all the way to the bank with TechnologyOne shares. This company is up an extraordinary 294% over the past five years. Over the past 20, you're looking at a gain north of 4,000%.

Check that all out for yourself below:

This is all well and good for investors who already own this ASX technology stock. But what about investors who'd like a piece of the action today? Is there any value left in the TechnologyOne share price right now? That's what we'll dive into next.

Is this ASX technology stock still a buy today?

Well, TechnologyOne certainly doesn't look like a value stock right now. At the current (at the time of writing) share price of $30.85, this ASX technology stock is trading on a price-to-earnings (P/E) ratio of 85.57. That's lofty by almost any conventional standards.

To be fair, TechnologyOne is growing at a healthy clip though. In the company's full-year earnings from November, TechnologyOne reported a 17% rise in revenues to $515.4 million, as well as an 18% hike in profits before tax to $152.9 million. Pleasingly, annual recurring revenue rose by 20% to $470.2 million.

But does this growth justify that 85.57 earnings multiple?

Not really, at least according to one ASX expert. Earlier this month, my Fool colleague Bronwyn looked at the views of James Gerrish, portfolio manager at Shaw and Partners, on this ASX technology stock.

Gerrish loves TechnologyOne's underlying fundamentals, but thinks the price has gotten too carried away:

This is an excellent business with recurring revenue that attracts many investors. However, it's rich from a valuation perspective, and we don't like the risk/reward ~$30, even though it looks destined to make fresh highs above $32.

We believe that TNE can achieve its goal of $1bn annual reoccurring revenue by FY30, but much of this is already built into the share price, and we believe it's another case of 'buy the dip'.

He went on to nominate a share price of $25 if investors want to buy at a price that allows at least some value.

No doubt that will be a useful figure for the value investors out there to go off with TechnologyOne. But let's see what happens to this ASX technology share going forward.