S&P/ASX 200 Index (ASX: XJO) tech stock Technology One Ltd (ASX: TNE) has enjoyed a stellar run over the past 12 months.

How stellar?

Well, one year ago, you could have bought shares in the software-as-a-service (SaaS) provider for $16.29 apiece. In late morning trade today, those same shares are swapping hands for $32.72 apiece.

That's a gain of 100.9%. Or enough to turn a $5,000 investment into $10,045 in just one year. Atop those share price gains, Technology One shares also trade on a slender 0.7% partly franked dividend yield.

To put this one year-performance in some context, the ASX 200 has gained 6.4% over this same period.

But with that kind of strong run behind it, is it too late to buy the ASX 200 tech stock today?

We'll have a look at what the analysts from Macquarie Group Ltd (ASX: MQG) have to say on that matter below.

But first…

What's been lifting the ASX 200 tech stock?

The last price-sensitive news from Technology One was the release of its full-year FY 2024 results on 19 November.

Shares in the ASX 200 tech stock closed up 10.1% on the day as investors reacted enthusiastically to the company's strong growth metrics.

Highlights included a 17% year-on-year increase in total revenue to $515.4 million and a 19% increase in revenue from the company's SaaS and recurring business.

On the bottom line, Technology One achieved an 18% year-on-year boost in profit before tax to $152.9 million. That topped management's profit growth guidance of 12% to 16%.

"Our ability to deliver these results is due to Technology One's clear vision, strategy, culture and our significant investment in R&D" CEO Ed Chung said on the day.

Which brings us back to our headline question.

Should I buy Technology One shares today?

With the ASX 200 tech stock having already soared more than 100% in a year, Macquarie's analysts are taking a cautious position.

In a research report released on 14 May, they noted:

We continue to like the medium-term story, but at this point in the cycle, with SaaS+ margin headwinds on UK traction and on 32 times 2-year forward earnings before interest, taxes, depreciation and amortisation (EBITDA), there's little margin for error.

Macquarie maintained its neutral rating on Technology One shares, with a 12-month price target of $31.00 for the ASX 200 tech stock.

The broker cited several factors that could see the share price rise materially higher than its forecast.

According to Macquarie, "Stronger-than forecast ARR [annual recurring revenue] growth or transition to SaaS could result in upside risk to our forecasts."

And higher-than-expected inflation could also provide tailwinds for Technology One shares.

"TNE has CPI linked contracts with its customers. Upside risk to earnings in a market with stronger than-anticipated levels of inflation," Macquarie said.