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EQUITY AWARD PLANS (Tables)
3 Months Ended
Oct. 31, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of RSUs Activity
Below is a summary of RSU activity, including MSUs, under the Stock Plans:
Number of
Shares
Grant Date Fair Value per Share
(in thousands)
Outstanding at July 31, 202022,632 $32.70 
Granted3,454 $24.02 
Released(2,819)$31.23 
Forfeited(806)$34.00 
Outstanding at October 31, 202022,461 $31.50 
Schedule of ESPP Valuation Assumptions
We use the Black-Scholes option pricing model to determine the fair value of shares purchased under the 2016 ESPP with the following weighted average assumptions on the date of grant:
Three Months Ended
October 31,
20192020
Expected term (in years)0.920.92
Risk-free interest rate1.9 %0.1 %
Volatility68.7 %73.3 %
Dividend yield— %— %
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Total stock-based compensation expense recognized in the condensed consolidated statements of operations is as follows:
Three Months Ended
October 31,
20192020
(in thousands)
Cost of revenue:
Product$1,112 $1,504 
Support, entitlements and other services4,751 5,761 
Sales and marketing27,775 32,227 
Research and development37,563 37,887 
General and administrative10,225 11,819 
Total stock-based compensation expense$81,426 $89,198