Cloudflare (NYSE: NET) attracted a lot of attention when it went public on Sept. 13, 2019. The cloud-based content delivery network (CDN) provider listed its shares at $15, and they started trading at $18. In the two years or so that followed, they rallied to an all-time high of $217.25 on Nov. 18, 2021.

But as of this writing, Cloudflare trades at about $58 per share. Therefore, a $1,000 investment in its IPO would have blossomed to just over $12,000 at its peak -- but would only be worth about $3,200 today.

That steep pullback may have been disappointing for those early buy-and-hold shareholders, but a three-bagger gain in just three and a half years isn't too shabby. Let's look back at why Cloudflare's stock initially skyrocketed, why it tumbled, and where it might be headed in the next few years.

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Source Fool.com