A studio's owner can change its name.
To change the name of your studio, click on your name in the top right-hand corner. Next, click "Settings." Once the settings dialog has popped-up, under "Your Studios", select the studio that you want to change. Underneath "Studio Name" you can now rename your studio. After you have entered the new name, click "Save Settings" and the name of your studio will change.
Note: Only the owner of a studio can change its name. If you are not the owner of the studio, but need to change the name, you will need to contact the owner of the studio to make this change.