NEW YORK ( TheStreet) -- Shares of Acme Packet (Nasdaq: APKT) have taken a tremendous swing upward. The stock is trading at $35.64 as of 12:05 p.m. ET, 20.6% above Wednesday's closing price of $29.55. Volume is at 4.6 million, 1.5 times the daily average of 3.2 million.

Acme Packet has a market cap of $2.1 billion and is part of the technology sector and telecommunications industry. Shares are down 44.4% year to date as of the close of trading on Wednesday.

Acme Packet, Inc. provides session delivery network solutions that enable the delivery of interactive communications, such as voice, video, and multimedia sessions; and data services across internet protocol (IP) network borders. The company has a P/E ratio of 37, below the average telecommunications industry P/E ratio of 44.4 and above the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Acme Packet as a buy. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income. You can view the full Acme Packet Ratings Report.

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