Welcome to the Q&A Forum

Yes, too many ads on your page will negatively affect your rankings. The amount of ads you should have on your site depends on the amount of content on the page. A flimsy page with 3 or more ads will not be something Google will like, but a page with tons of content can get away with 5 ads for example. My suggestion is to platy around with placement and keep only the best converting ads and lose the ones who's performance is sucking. Look at your pages and use judgement as to how many ads it should have on it for the best user experience.