Mediates the reversible addition of palmitate to target proteins, thereby regulating their membrane association and biological function. Palmitoylates several amino acid permeases (PubMed:16751107). Palmitoylates chitin synthase CHS3, which is required for its proper export from the ER (PubMed:16818716, PubMed:28346351). Can palmitoylate RAS2 in vitro (PubMed:12379641). hexadecanoyl-CoA + L-cysteinyl-[protein] = CoA + S-hexadecanoyl-L-cysteinyl-[protein] The DHHC domain is required for palmitoyltransferase activity. Autopalmitoylated. Leads to the retention of non-palmitoylated CHS3 in the endoplasmic reticulum and reduced levels of chitin on the cell wall. Belongs to the DHHC palmitoyltransferase family. PFA4 subfamily.