In this case the lower the number the better. An excellent ping would be under 20ms, and anything between 40ms to 80ms is considered very good to average. A ping of 130ms or more can be problematic especially to the online gaming community.
You also want your ping to be as stable as possible. If it spikes or fluctuates often it can cause connection issues. This fluctuation is known as jitter. If your ping results ranged around 9ms - 12ms, then you would have low ping, and a low jitter as the ping times are similar.