I read that the latter day saints believe in Muhammad as prophet, how true is this and what does that mean for them. I would want this to be answered by the LDS church goers only.
While Latter-day Saints respect the beliefs of others, they don't revere or recognize Muhammad as a prophet.
In LDS history, the first prophet in our dispensation (a consecutive period of time where the gospel is on the earth and revealed, or "dispensed," through prophets) was Joseph Smith. Before that, the last prophet we have record of is Moroni, son of Mormon, who compiled The Book of Mormon. That was about 421 A.D, well before Muhammad's time.