No, you cannot.
Even if you rename it on your mailbox, the label will be named back to the original name in the next sync cycle
If you still want to rename the folder , you can follow the following very simple steps:
1. Create another shared label with the name you want.
2. Drag and drop all the emails into the new label.
3. Delete the old label
We will come out with a renaming functionality but at this point of time it is not available.