Mediates the reversible addition of palmitate to target proteins, thereby regulating their membrane association and biological function. Responsible for the modification of a subset of proteins that are critical in cryptococcal pathogenesis, with substrates involved in cell wall synthesis, signal transduction, and membrane trafficking. Palmitoylates chitin synthase CHS3. hexadecanoyl-CoA + L-cysteinyl-[protein] = CoA + S-hexadecanoyl-L-cysteinyl-[protein] The DHHC domain is required for palmitoyltransferase activity. Displays morphological changes and shows increases in adherence to and engulfment by host macrophages. Causes dramatic defects in cryptococcal morphology, stress tolerance, and virulence. Belongs to the DHHC palmitoyltransferase family. PFA4 subfamily.