No, light cannot form stable, bound orbits around a black hole.
The possible trajectories of light around a Schwarzschild black hole are conveniently parameterised in terms of the "impact parameter" $b$, which is the ratio $cL/E$, where $E$ and $L$ are the energy and angular momentum of the light with respect to the centre of the black hole, as measured a long way from the black hole.
If $b> 3\sqrt{3}r_s/2$, where $r_s=2GM/c^2$ is the Schwarzschild radius of a black hole then the light can approach the black hole, no closer than $r=3r_s/2$ and then travels away from the black hole again on an altered trajectory.
If $b< 3\sqrt{3} r_s/2$ then the light's trajectory will be curved, it will pass within $r<3r_s/2$ but ultimately end up falling to the event horizon of the black hole.
The case of $b= 3\sqrt{3}r_s/2$ corresponds to an unstable circular orbit at $r=3r_s/2$. In principle, light emitted at $r=3r_s/2$ in a direction perpendicular to the radial direction could stay in this orbit. Or light that travels inwards with $b$ very close to that value may inject light into an orbit of one or a few times around the black hole before it ultimately falls in or flies away (depending on whether $b$ is smaller or bigger than the threshold value).
Here are some example trajectories produced using the GROrbits software. The black circle has a radius of $r_s$ and the values of $b$ are labelled. Note that even with $b$ specified as $3\sqrt{3}r_s/2$ to 5 decimal places the incoming light only executes a couple of circuits around the black hole before falling in.
The last diagram shows an example with the light emitted from within $r<3r_s/2$. If it has $b>3\sqrt{3}r_s/2$ then it falls back in again, if it has $b<3\sqrt{3}r_s/2$ it escapes.
For spinning Kerr black holes there also no stable orbits but the situation is much more complex. In addition to two unstable circular orbits (one prograde and one retrograde), with differing radii, in the plane at right angles to the spin vector of the black hole, there are also a continuum of spherical orbits of fixed radius, that oscillate in latitude (see Teo 2003), but all are unstable in the radial direction (Tavlayan & Tekin 2020).