A group of high-quality ASX tech stocks, many of them with global operations, have fallen heavily at the same time. Driven by concerns around interest rates, valuation resets, and, more recently, artificial intelligence disruption, a number of well-known names have been pushed 35% to 60% below their highs.
Figure 1: Representation of ASX tech stock market performance overview [Courtesy: Shutterstock]
For investors tracking the best ASX tech stocks and top AI stocks in Australia, this kind of broad sector reset is relatively rare. The names covered here, Xero Limited, Pro Medicus Limited, TechnologyOne Limited, Life360 Inc., and Catapult Sports Limited, represent a cross-section of the undervalued ASX tech shares currently drawing closer attention.
A Closer Look at the Best ASX Tech Stocks Under Pressure
1. Xero Limited Pulls Back Sharply From Its Peak
Xero Limited (ASX: XRO) is a global cloud-based accounting software platform serving small and medium-sized businesses, with operations spanning Australia, New Zealand, the United Kingdom, and North America. The Company has continued to grow its subscriber base while expanding its international presence across these key markets.
2. Pro Medicus Offers Exposure to Healthcare Technology Among Top AI Stocks Australia
Pro Medicus Limited (ASX: PME) operates in medical imaging software, supplying hospitals and healthcare providers with diagnostic tools across several international markets, with a particularly strong presence in the United States. The Company has built a track record of winning large contracts with major healthcare institutions.
3. TechnologyOne Delivers Consistent Enterprise Software Growth
TechnologyOne Limited (ASX: TNE) provides enterprise software to government agencies, universities, and large organisations, with a business model anchored in recurring revenue and a steady transition of customers to its cloud platform. The Company has maintained consistent earnings growth over time, making it one of the more predictable names among the best ASX tech stocks.
4. Life360 Builds a Global Family Safety Platform With Monetisation Focus
Life360 Inc. (ASX: 360) operates a family location sharing and safety application with a large global user base. The Company has been focused on converting free users into paying subscribers while expanding its product offering, including through recent acquisitions. Life360 represents a different type of growth exposure among undervalued ASX tech shares, with its monetisation trajectory remaining a key watch point for investors.
5. Catapult’s Recurring Revenue Transition in Sports Analytics
Catapult Sports Limited (ASX: CAT) provides performance analytics and wearable technology to professional sports teams globally. The Company has established relationships across elite sporting competitions and has been transitioning toward a recurring revenue model, which is intended to improve earnings stability over time. Catapult represents a niche but defensible position within the broader best ASX tech stocks universe, sitting at the intersection of sports science and enterprise software.
Share Price Performance
Xero (ASX: XRO) is currently trading at A$75.290 per share, with a market capitalisation of A$13.07 billion. The 52-week range stands at A$71.450 to A$196.520 per share, reflecting a significant pull-back from the Company’s peak over the past year.
Figure 2: Xero (ASX: XRO) share price performance [Courtesy: ASX]
Pro Medicus (ASX: PME) is currently trading at A$119.910 per share, with a market capitalisation of A$12.73 billion. The 52-week range stands at A$107.750 to A$336.000 per share. Healthcare technology remains a closely watched segment among investors tracking top AI stocks in Australia, given the sector’s long-term structural demand drivers.
Figure 3: Pro Medicus (ASX: PME) share price performance [Courtesy: ASX]
TechnologyOne (ASX: TNE) is currently trading at A$27.490 per share, with a market capitalisation of A$9.06 billion. The 52-week range stands at A$20.140 to A$42.880 per share.
Figure 4: TechnologyOne (ASX: TNE) share price performance [Courtesy: ASX]
Life360 (ASX: 360) is currently trading at A$19.475 per share, with a market capitalisation of A$4.52 billion. The 52-week range stands at A$14.930 to A$55.870 per share.
Figure 5: Life360 (ASX: 360) share price performance [Courtesy: ASX]
Catapult Sports (ASX: CAT) is currently trading at A$3.340 per share, with a market capitalisation of A$1.02 billion. The 52-week range stands at A$2.980 to A$7.720 per share, reflecting the broad sector sell-off that has affected undervalued ASX tech shares more widely.
Figure 6: Catapult Sports (ASX: CAT) share price performance [Courtesy: ASX]
Industry Outlook
The ASX technology sector is navigating a period of elevated uncertainty, driven by global interest rate settings, artificial intelligence disruption across enterprise software categories, and broader valuation compression in growth stocks. Top AI stocks in Australia are being reassessed as investors weigh the impact of new AI tools on the competitive positioning of established software businesses.
Globally, enterprise software, medical technology, and data analytics platforms continue to attract long-term capital, supported by structural demand from digital transformation, ageing populations, and the shift toward cloud-based recurring revenue models.
Future Direction and Impact on Investors Tracking Best ASX Tech Stocks
The current environment for undervalued ASX tech shares presents a set of conditions that long-term investors in the sector will be monitoring closely. Each of the five companies covered here, Xero, Pro Medicus, TechnologyOne, Life360, and Catapult, operates in a distinct segment of the technology market with its own growth drivers and risk profile.
For those tracking the best ASX tech stocks and top AI stocks in Australia, the key question is whether current price levels reflect a temporary dislocation or a more structural reset in how the market values growth. Share price levels alone do not determine value, and investors should assess each business independently against its own fundamentals and outlook.
Frequently Asked Questions
Q1. What are the best ASX tech stocks currently under pressure?
Ans. Xero, Pro Medicus, TechnologyOne, Life360, and Catapult Sports are among the ASX tech stocks that have pulled back significantly from their 52-week highs.
Q2. What are undervalued ASX tech shares?
Ans. These are listed technology companies whose current share prices sit materially below recent highs, often due to broad sector selling rather than Company-specific issues.
Q3. Which top AI stocks in Australia are worth watching?
Ans. Pro Medicus and Xero are among the top AI stocks in Australia being watched, given their exposure to healthcare technology and cloud-based software respectively.
Q4. Where are these five companies currently trading?
Ans. As at 24 Mar 2026, XRO trades at A$75.290, PME at A$119.910, TNE at A$27.490, 360 at A$19.475, and CAT at A$3.340 per share.
DISCLAIMER
This article is intended for informational purposes only and does not constitute financial or investment advice. All content is based on publicly available market data as at 24 Mar 2026. Share price and market capitalisation figures reflect data provided at the time of publication. Investing in securities involves risk, and past performance is not a reliable indicator of future performance. Readers should conduct their own research and seek independent financial or investment advice before making any investment decisions. Colitco does not hold any position in the companies or organisations mentioned.
Sources
https://www.asx.com.au/markets/company/XRO
https://www.asx.com.au/markets/company/PME
https://www.asx.com.au/markets/company/TNE
https://www.asx.com.au/markets/company/360
https://www.asx.com.au/markets/company/CAT
Last modified: March 25, 2026
