You can change the name of a folder either in the thumbnail hover view, or on the folder tree to the left of the screen. 

  1. In your library, locate the folder you want to rename in the navigation on the left or by clicking through the folder thumbnails. 
  2. Hover over the folder name or folder you'd like to update. 
  3. Click on the Elipse icon  to the far right. 
  4. Click Rename Folder.
  5. Rename the folder and click Ok.

Further Reading:  
Edit the Folder Thumbnail
Deleting a Folder

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