diff --git a/devel/py-nbformat/Makefile b/devel/py-nbformat/Makefile
index 9a0c3940e0e1..b255fd08aa5d 100644
--- a/devel/py-nbformat/Makefile
+++ b/devel/py-nbformat/Makefile
@@ -1,30 +1,30 @@
 PORTNAME=	nbformat
-PORTVERSION=	5.3.0
+PORTVERSION=	5.4.0
 CATEGORIES=	devel python
 MASTER_SITES=	CHEESESHOP
 PKGNAMEPREFIX=	${PYTHON_PKGNAMEPREFIX}
 
 MAINTAINER=	python@FreeBSD.org
 COMMENT=	Jupyter Notebook format
 
 LICENSE=	BSD3CLAUSE
 LICENSE_FILE=	${WRKSRC}/COPYING.md
 
 RUN_DEPENDS=	${PYTHON_PKGNAMEPREFIX}fastjsonschema>=0:devel/py-fastjsonschema@${PY_FLAVOR} \
 		${PYTHON_PKGNAMEPREFIX}jsonschema>=2.6:devel/py-jsonschema@${PY_FLAVOR} \
 		${PYTHON_PKGNAMEPREFIX}jupyter-core>=0:devel/py-jupyter-core@${PY_FLAVOR} \
 		${PYTHON_PKGNAMEPREFIX}sqlite3>=0:databases/py-sqlite3@${PY_FLAVOR} \
-		${PYTHON_PKGNAMEPREFIX}traitlets>=4.1:devel/py-traitlets@${PY_FLAVOR}
+		${PYTHON_PKGNAMEPREFIX}traitlets>=5.1:devel/py-traitlets@${PY_FLAVOR}
 TEST_DEPENDS=	${PYTHON_PKGNAMEPREFIX}pytest>=0:devel/py-pytest@${PY_FLAVOR} \
 		${PYTHON_PKGNAMEPREFIX}pytest-cov>=0:devel/py-pytest-cov@${PY_FLAVOR} \
 		${PYTHON_PKGNAMEPREFIX}testpath>=0:devel/py-testpath@${PY_FLAVOR}
 
 USES=		python:3.7+
 USE_PYTHON=	autoplist concurrent distutils
 
 NO_ARCH=	yes
 
 do-test:
 	cd ${WRKSRC} && ${PYTHON_CMD} -m pytest -rs -v -o addopts=
 
 .include <bsd.port.mk>
diff --git a/devel/py-nbformat/distinfo b/devel/py-nbformat/distinfo
index c776ce3866eb..bf25ac149be9 100644
--- a/devel/py-nbformat/distinfo
+++ b/devel/py-nbformat/distinfo
@@ -1,3 +1,3 @@
-TIMESTAMP = 1649423974
-SHA256 (nbformat-5.3.0.tar.gz) = fcc5ab8cb74e20b19570b5be809e2dba9b82836fd2761a89066ad43394ba29f5
-SIZE (nbformat-5.3.0.tar.gz) = 136855
+TIMESTAMP = 1652122931
+SHA256 (nbformat-5.4.0.tar.gz) = 44ba5ca6acb80c5d5a500f1e5b83ede8cbe364d5a495c4c8cf60aaf1ba656501
+SIZE (nbformat-5.4.0.tar.gz) = 137589