My iPod touch 5th generation shuts down randomly??

My iPod touch 5th generation will randomly shut down out of the blue, and when it does it has these strange vertical multicolored stripes that show up, the screen turns dark, and then it turns off. It then turns itself back on. It will do this when I'm in the middle of scrolling through a web page, or typing a message, or listening to music, or anything really. It will do this sometimes three or four times during an hour. It will also not keep time. Whether I set it manually or automatically, it will change to the current time but not keep time regularly. There are no cracks or dings in the screen or back, and I always have it in a case. It started doing this a couple weeks ago, and I have no idea why. I've tried resetting it to the factory settings and then redownloading all my apps and music and pictures, but it's still not working. Any help would be appreciated.