You can make a copy of personal folders (your PST file) and move it to a
networked drive to store it there but it is not recommended you use a
personal folder connected to Outlook that is stored on a networked drive.
Outlook requires constant read/write access to the data and if there is the
smallest interruption in network access, the data file can corrupt.
Bottom line: If you're looking to store a copy as a backup on a networked
drive that's fine. If you're looking to keep your PST on a networked drive
and use it connected to Outlook, don't.