Shape shifting, color changing UFO

The craft flew much faster than a jet would, and could hover gracefully, and quietly.  My description will follow a brief short story.
A friend and I were playing ball in a school field.  He got my attention by pointing in the sky at this craft. We immediately knew it wasn’t a plan, jet, or helicopter.  We ran home, about 80 yards distance, and told my mother that something strange was in the air above the house.  She indulged us by going outside to see.  She is a religious person and wasn’t ready to accept this; however had no choice but to believe what she was seeing.
We quickly went to the neighbor’s house to verify with them what we were seeing.  The neighbor swiftly said, "I will not talk to any reporters about this." 
By this time 5-7 minutes have passed and the craft is now hovering approximately 300-500 ft. above us.
It is in one almost football looking shape and colored bright silver like.  It is hovering and all the sudden splits into three parts and begins to change brilliant colors and maneuvers as if it was showing off its talent.  Incredible color change like I’ve never seen and hard to describe.  It put itself back together and hovered about 3-5 more minutes, then in the blink of an eye shot off in the sky and then it was gone.   An unforgettable sight!
Witness indicates that the date of the sighting is approximate.  PD