Pulsating and moving light that changed colors

What we viewed appeared to be a round light rather than an object (it was very far away). It seemed to be pulsating, so at first we thought it was a star. But then it would change shape just a bit, and it would suddenly drop, climb again, and move from left to right. It would also change colors, going from white to red to green and back to white. I'm not sure how long this went on, as I had time to go get my phone (camera), film it for a minute-and-a-half, and it was still there when I went back inside. I am certain it was visible for at least five minutes. Perhaps this was some sort of government "thing," but I have certainly never seen anything like this in the sky before.