I was working with a developer this week who was struggling with what seemed to be a simple problem. He wanted a run a cron job every X minutes. However, sometimes the cron job would run long. Resulting in the job running in parallel. After some Google-fu I suggested using the utility flock.
flock places a lock on cronjob.lockfile while the ping 22.214.171.124 is running. -n tells any other process trying to place a lock on cronjob.lockfile to fail immediately. You can test this by opening up another terminal sessions and firing off another ping 126.96.36.199. The second process launched using flock should fail immediately.
flock -n /tmp/cronjob.lockfile -c ping 188.8.131.52