Inheriting Duplicate Time Machine Backup Sparsebundle on macOS Server Time Machine Server
Yes, that it possible. I did this two or three times. 

You will have to switch off the Time Machine service, then copy the backup just as if you were moving it to a new drive. The same applies to sparsebundles. Note that the copied sparsebundle will have the same maximum size as the old one, but Time Machine will increase it automatically to the size of the volume during the next backup. Finally, switch Time Machine back on, and select the new location as a backup volume. 

Time Machine will check the backup thoroughly (which will take quite a long time), then accept it as base and attach further backups to it.