This is the Trametes versicolor – also known as Coriolus versicolor and Polyporus versicolor – is a common polypore mushroom found throughout the world. Meaning 'of several colors', versicolor reliably describes this fungus that displays different colors. For example, because its shape and multiple colors are similar to those of a wild turkey, T. versicolor is commonly called turkey tail. A similar looking mushroom, commonly called false turkey tail, which is from a different order, may sometimes be confused with the turkey tail mushroom due to appearance. Another lookalike is the multicolor gill polypore - Source : Wikipedia.

This picture was taken during my evening walk where I spotted the mushroom. I believe these are not edible. But the formation was interesting.