Sorry for the delay in response to your query and apologize for the inconvenience caused. Please check for any pending updates of Acrobat from Help menu>Check for updates.
You may also refer and try the steps from the following KB docs which discusses the similar issue and scenarios: How can I unlock the Add text comment tool properties in Acrobat XI if the lock check is on but greyed out?
Hope this helps, and let us know how it goes.
I have the same problem. It started today, but previously everything was fine. There are no fixes on the community forum. I don't understand why we can't get help and support.
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We apologize for the inconvenience caused, Check for any pending updates of Acrobat or Reader from Help menu>Check for updates, and please try the steps mentioned in the following KB docs and let us know how it goes.