Top technology analyst Sacconaghi believes the sector is quite risky heading into 2020

Traders and financial professionals work on the floor of the New York Stock Exchange.
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One of Wall Street's top technology analysts is sounding alarms that the sector has gotten too pricey.

Bernstein's Toni Sacconaghi noted the tech sector is currently trading at 22 times earnings, the highest level for the group in 15 years. Sacconaghi is rated consistently the No.1 analyst on IT hardware and electronics manufacturing services by Institutional Investor magazine.

"Given elevated valuations and elevated expectations for high priced stocks, we believe risk remains high in tech," Sacconaghi said in a note to clients. "We continue to advocate a market weight in tech, and encourage investors to overweight inexpensive/value tech stocks vs. expensive/growth stocks."